Haciyev Reşit 
Crypto asset management giant Grayscale has submitted a revised S-1 filing to the U.S. Securities and Exchange Commission (SEC) to convert its closed-end Dogecoin Trust into an exchange-traded fund (ETF). If approved, the new product will trade on NYSE Arca under the ticker GDOG.
Coinbase Chosen as Custodian
The filing stated that Coinbase has been selected as the primary broker and custodian for the Dogecoin ETF. This step comes right after the SEC approved new rules simplifying and expediting listing standards for crypto funds.
According to the new SEC standards, in order for a digital asset to be converted into an ETF:
- It must have a regulated futures market for at least 6 months.
- Liquidity and regulatory compliance requirements must be met.
Grayscale emphasized that Dogecoin meets these criteria, noting that DOGE futures and options trading already take place on exchanges overseen by the U.S. Commodity Futures Trading Commission (CFTC).
Developments Parallel to Ethereum ETFs
Grayscale’s Dogecoin ETF move coincides with NYSE Arca’s recent conversion proposals for the Grayscale Ethereum Trust ETF and its “mini” version. This wave of activity is seen as part of the accelerating regulatory compliance trend in the crypto ETF space in recent months.
At the time of writing, Dogecoin is trading at $0.2663, ranking eighth by market capitalization. DOGE’s existing futures and options products in the U.S. are considered one of the main factors accelerating its ETF conversion process.
Some analysts predict that if the ETF is approved, DOGE could experience short-term price surges and trading volume spikes. However, the long-term effects are emphasized to depend on institutional investor interest and overall market conditions.
Importance of the Revised Filing
The revised S-1 was signed by Grayscale Chairman Barry Silbert, Chief Financial Officer Edward McGee, and other senior executives. The document shared details about the fund’s structure, management, and investment strategy.
Interestingly, despite the SEC’s recent decision allowing authorized participants to trade fund shares based on underlying assets, Grayscale does not currently plan in-kind creations and redemptions for the GDOG ETF.
Rising Trend in Crypto ETFs
This development followed REX-Osprey’s launch of the DOGE ETF (DOJE). Around the same time, Grayscale also introduced a multi-asset crypto index fund covering major digital assets such as Bitcoin (BTC), Ethereum (ETH), Solana (SOL), XRP, and Cardano (ADA).
Following court rulings that played a major role in the approval of Spot Bitcoin and Ethereum ETFs, Grayscale’s Dogecoin ETF initiative is being seen as a new milestone in the integration of crypto assets into mainstream financial products.
You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.