Grayscale and Bitwise Enter the Race to Launch a Spot Dogecoin (DOGE) ETF in the U.S.

The race to launch a spot Dogecoin ETF in the U.S. is heating up as NYSE Arca has filed a 19b-4 form with the Securities and Exchange Commission (SEC)

NYSE Arca filed a 19b-4 form with the Securities and Exchange Commission (SEC) on Monday for Grayscale’s Grayscale Dogecoin Trust to be listed and traded on the exchange.

The latest development marks a significant step in the mainstream adoption of Dogecoin (CRYPTO: DOGE) as an institutional-grade asset.

Grayscale and Bitwise Enter the Dogecoin ETF Race

Grayscale’s move comes just a day after Bitwise filed for its own Dogecoin ETF, further signaling a rising interest in DOGE-based investment products.

A Dogecoin ETF seemed unlikely a year ago, but with growing institutional adoption and the success of Bitcoin and Ethereum ETFs, companies are now competing to bring the first spot Dogecoin ETF to market.

Coinbase Custody, BNY Mellon To Handle Dogecoin ETF

Coinbase Custody Trust Company will serve as the custodian for the proposed Dogecoin ETF, ensuring secure storage of DOGE holdings, as per the filing.

Meanwhile, BNY Mellon will oversee administrative and transfer agent duties for the ETF. The bank's involvement is another sign of traditional finance's increasing interest in crypto.

The filing also highlights Dogecoin’s utility in payments, noting that DOGE can be used to buy goods and services or be exchanged for fiat currencies on various trading platforms. Additionally, DOGE plays a role in incentivizing miners for transaction verification on the Dogecoin network.

SEC Review Timeline for Dogecoin ETF Approval

The 19b-4 filing is a crucial step in getting regulatory approval for new exchange-traded funds (ETFs). After its publication in the Federal Register, the SEC has 45 days to review the proposal and either approve, deny, or extend the decision period to 90 days.

If extended, the SEC must provide a justification, or NYSE Arca must agree to the additional review period.

Bloomberg Analyst Reacts to Grayscale’s Unprecedented Move

Bloomberg ETF analyst Eric Balchunas expressed surprise at Grayscale’s strategy, stating:

“I’ve never seen a trust launch and then try to convert to an ETF on the same day.”

Grayscale’s move to simultaneously launch and seek ETF conversion reflects its aggressive push into the crypto ETF market. The company has also filed for ETFs linked to XRP, Litecoin, and Solana, further expanding its footprint in the space.

With multiple firms now actively pursuing Dogecoin ETFs, the regulatory response in the coming months will be closely watched by investors and institutions.