Chiara Bianchi
Grayscale has officially submitted an S-1 filing to the U.S. Securities and Exchange Commission (SEC), seeking approval for a spot Dogecoin ETF that would trade under the ticker GDOG on NYSE Arca. If approved, the move would transform the existing Grayscale Dogecoin Trust into a full-fledged ETF, giving investors direct exposure to DOGE without the need to purchase tokens themselves.
In its filing, Grayscale appointed Coinbase Custody Trust Company as the exclusive custodian of the ETFโs Dogecoin holdings. The proposed fund is structured as a passive investment vehicle, meaning it will avoid active trading, leverage, or derivatives. Instead, it aims to provide transparent and regulated access to Dogecoin while highlighting risks tied to price volatility, regulatory changes, and market competition.
Meme Coin ETF Competition Heats Up
Grayscaleโs filing joins a wave of similar applications, including those from Bitwise and Rex-Osprey, both of which have sought SEC approval for Dogecoin ETFs. Bitwise, notably, also named Coinbase Custody as its asset holder.
The surge in filings underscores growing institutional interest in meme coins, particularly as the SEC reviews multiple cryptocurrency ETF proposals under a more crypto-friendly regulatory environment. Other tokens, such as Solana (SOL) and XRP, are also under consideration for spot ETF approval.
DOGE Price Stays Flat Despite Filing
Despite the buzz surrounding Grayscaleโs move, Dogecoinโs price has shown little reaction, trading around $0.23, down 2.3% over the past week. This muted response contrasts with the typical market excitement seen when institutional adoption headlines involve other cryptocurrencies.
What Approval Could Mean
If approved, the Grayscale Dogecoin Trust ETF (GDOG) could offer greater liquidity and lower fees compared to the current trust structure, potentially making Dogecoin exposure more attractive to institutional investors.
Still, SEC approval remains uncertain, and no official timeline has been provided. Until authorization is granted, shares of GDOG cannot begin trading.
At the time of writing, Bitcoin (BTC) is trading near $117,400, serving as the broader crypto marketโs benchmark amid this wave of ETF applications.
