Coinbase Custody to Secure Grayscale’s Proposed Dogecoin ETF ’GDOG’
Grayscale Investments has taken a significant step toward bringing Dogecoin into the mainstream financial ecosystem by formally submitting paperwork to the U.S. Securities and Exchange Commission (SEC) to convert its existing Dogecoin Trust into a spot exchange-traded fund (ETF). The proposed ETF, which would trade under the ticker 'GDOG', aims to provide traditional investors with regulated exposure to the meme-inspired cryptocurrency without the technical hurdles of direct crypto ownership. Notably, Grayscale has designated Coinbase Custody Trust Company as the custodian for the fund's underlying assets—a strategic partnership that leverages Coinbase's robust security infrastructure and regulatory compliance framework. This development, filed on August 17, 2025, marks a pivotal moment for Dogecoin's institutional adoption, following the precedent set by Bitcoin and Ethereum ETFs. If approved, GDOG would enable investors to gain exposure to DOGE's price movements through conventional brokerage accounts, further bridging the gap between digital assets and traditional finance. The filing underscores the growing demand for crypto investment vehicles amid increasing regulatory clarity, with Coinbase's involvement signaling confidence in Dogecoin's long-term viability as an asset class.
Grayscale Advances Dogecoin ETF Proposal Under ‘GDOG’ Ticker
Grayscale Investments has formally submitted paperwork to the SEC, seeking to convert its existing Dogecoin Trust into a fully-fledged exchange-traded fund. The proposed ETF, trading under the ticker 'GDOG', would provide mainstream investors with exposure to Dogecoin through traditional brokerage channels, bypassing the complexities of crypto exchanges and digital wallets. Coinbase Custody Trust Company has been designated as the custodian for the underlying DOGE holdings.
The move intensifies an institutional race to launch the first dogecoin ETF, with Bitwise, Rex Shares, Osprey Funds, and 21Shares all having filed competing proposals. These firms have adopted divergent regulatory strategies—Bitwise filed under the Securities Act of 1933, while others opted for the more stringent Investment Company Act of 1940 framework. The flurry of applications signals a remarkable shift in institutional perception of the meme coin, which now commands a $30 billion market valuation and regularly sees over $1 billion in daily trading volume.
SEC scrutiny of Grayscale's filing began in February 2025, initiating a review period that could extend to 240 days. The regulatory outcome may set a precedent for how cryptocurrency-based investment products are structured and approved in traditional markets.
Bitcoin Retreats Amid Ghost Month Superstition and Technical Signals
Bitcoin's rally stalled after touching a record $124,000, with prices slipping below $117,000 as bearish technical patterns emerged. The 6% pullback—the sharpest decline this month—coincides with Asia's Ghost Month, a period traditionally associated with market caution.
On-chain metrics tell a divergent story. The Coinbase Premium Index hit a monthly high, signaling robust U.S. institutional demand, while South Korea's Kimchi Premium returned to positive territory. Liquidations remained orderly, with just 16,800 BTC sold at a loss—far below the 48,000 BTC typical during past corrections.
Market participants now weigh seasonal superstitions against fundamental strength. The $100,000 psychological level looms as both a threat and a potential springboard for the next leg upward.
