Grayscale Files to Convert DOGE Trust to ETF, Joining a Flurry of Applications Targeting Meme Coins

Once considered a mirage, the prospect of a Dogecoin ETF has gained massive momentum as Grayscale enters the race.

Digital asset management giant Grayscale has submitted a filing to convert its Dogecoin Trust into an exchange-traded fund (ETF).

The application, filed with the US Securities and Exchange Commission (SEC) on Friday, marks a significant step in the asset manager’s bid to launch a Dogecoin ETF.

Grayscale filed the application through the New York Stock Exchange (NYSE). The move comes shortly after Grayscale launched a trust tracking the meme coin’s performance earlier in the day.

The product provides institutional and retail investors with access to a closed-end trust that offers alternative exposure to the leading meme coin.

This investment vehicle has typically served as Grayscale’s first play card in launching an ETF, as observed with Bitcoin and Ethereum.

“This filing is another indication of the rapidly changing landscape for cryptocurrencies and the increasing demand for ETF products,” Grayscale said in a press release.

“We believe that the Grayscale Dogecoin ETF will provide investors with a convenient and efficient way to gain exposure to the performance of Dogecoin.”

The SEC has yet to approve any cryptocurrency ETFs, but several applications are currently pending.

If approved, the Grayscale Dogecoin ETF would be the first of its kind in the US market.

The asset manager is also seeking to convert its other trusts, including the Grayscale Bitcoin Trust and Grayscale Ethereum Trust, into ETFs.

Grayscale filed the application for the Dogecoin ETF at the end of a week that saw a flurry of ETF filings from asset managers.

The filings follow the election of pro-crypto US President Donald Trump, who has appointed Paul Atkins as the new SEC chair and an AI and crypto czar.

His administration’s generally friendly stance towards the digital asset sector has spurred greater activity in the ETF filings.

Bitwise was among the first to apply for a Dogecoin ETF, filing for the investment product earlier this week.

The application adds to other submissions that have sparked skepticism from notable market analysts.

Tuttle Capital submitted a 2x exchange-traded fund for XRP, Cardano, and Litecoin on Monday.

However, what caught the attention of Bloomberg’s analyst James Seyffart was the application for the leveraged product for BNP meme coins like TRUMP, MELANIA, and BONK.