BREAKING: Grayscale Shakes Up Crypto with Dogecoin ETF Filing—Grayscale Dogecoin Trust Officially in Play

Wall Street meets meme coin madness as Grayscale drops a regulatory bombshell.

Grayscale—the $30B crypto asset manager that brought you the first Bitcoin trust—just lobbed a grenade into traditional finance’s playground. Their latest move? A full-throated embrace of Dogecoin with the filing of the Grayscale Dogecoin Trust.

Why this matters: Institutional DOGE exposure just got real.

Forget Elon’s tweets—this is the first serious infrastructure play to bring DOGE into the ETF wrapper arms race. The same firm that forced the SEC’s hand on Bitcoin spot ETFs is now betting the house on crypto’s favorite shiba inu.

The twist? Grayscale’s timing is impeccable. Filed just as DOGE flirts with its 2025 highs, the move screams ‘institutional FOMO.’ Because nothing says ‘mature asset class’ like packaging a joke currency born from a meme into a slick Wall Street product.

One thing’s certain: the suits are finally learning to speak meme.

Grayscale chooses Coinbase Custody Trust Company to safeguard its ETF assets

According to the company’s filing, Dogecoin will serve as the trust’s sole asset, under the custody of Coinbase Custody Trust Company. Shares will also be issued and redeemed in blocks of 10,000, referred to as “Baskets,” with settlement initially taking place in cash rather than through Dogecoin transfers.

The trust’s valuation will also be based on the CoinDesk dogecoin Reference Rate, representing DOGE’s market price without factoring in fees or liabilities. It is also designed as a passive vehicle, with no active trading, leverage, or derivative usage.

The filing also outlines several risk factors, including DOGE’s price volatility, regulatory uncertainty, and potential competition from other digital assets. The ETF proposal complies with NYSE’s updated listing requirements from January 31, 2025. However, the company insists its share offerings will only be accessible once the application has been authorized.

Nonetheless, the asset filing has already impacted Doge prices. After its filing, the token surged 2.5% rising to $0.22976 from $0.22395. Per Trading View’s data, DOGE’s price spiked toward the close of trading, ending a period of sideways movement. The token is up 2.67% in the last seven days and 14.65% over the past 30 days.

However, the filing comes on the heels of the SEC decision to push back rulings on solana ETF applications from Bitwise, 21Shares, and VanEck, plus 21Shares’ Dogecoin ETF. 

Bitwise filed its S-1 registration statement for a Dogecoin ETF

Bitwise also submitted its Dogecoin ETF application for approval in late January to the US Securities and Exchange Commission. In the filing, the platform identified Coinbase Custody as the future custodian of the ETF’s assets. Though at the time, it did not disclose the ETF’s management fee, ticker symbol, or the exchange where it might be listed.

REX-Osprey is also awaiting the SEC’s approval for its spot Dogecoin ETF. Nevertheless, the commission still has many other pending meme-coin ETF proposals featuring TRUMP, BONK, and Pudgy Penguins.

Bloomberg ETF analyst James Seyffart believes that with the increase in firms applying for ETF approvals, most of them are  “testing the limits of what this SEC is going to allow.” 

Grayscale had also submitted a filing for a US IPO during the crypto week, just a few months after Gemini filed for a confidential IPO. According to analysts, most firms opt for confidential IPO filings to have more control and avoid reputational risks.

The process allows for regulator engagement and SEC feedback without external scrutiny. Still, going public with a confidential filing can be Leveraged to create momentum in the market and test investor demand. Grayscale already has its Bitcoin and Ether investment funds with over $33 billion in assets under management and more than three dozen products.

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