Grayscale Files to Convert Its Dogecoin Trust Into an ETF

The race to list meme coin ETFs is gaining momentum. Last week, Grayscale filed a so-called 19-b4 form with NYSE Arca to transform its doge trust

Grayscale’s filing to convert its doge trust into an ETF comes as several other parties are making similar moves. Last month, Bitwise filed for a dogecoin ETF trust in Delaware, and the day before, Rex Osprey filed for seven spot crypto ETFs, including a doge ETF, a $TRUMP ETF, a bonk ETF, and an XRP ETF.

Grayscale filed a so-called 19-b4 form with NYSE Arca on Monday to transform its doge trust, listed earlier in the day, into a dogecoin ETF. Doge is the eighth-largest crypto by market cap, according to CoinGecko.

Grayscale seems to be on a mission to expand into altcoin products. The company has also filed to convert its XRP trust into an XRP ETF, and days after Trump’s inauguration, the company filed to convert its solana and litecoin trusts into ETFs.

It was a much longer journey for Grayscale with its bitcoin ETF, but it did take a similar path: its ETF was first a bitcoin trust, which was incorporated in 2013. Grayscale filed to convert it into an ETF in February 2s, according to a spokesperson. In January 2024, the SEC approved that ETF and a slew of similar products.

A Grayscale spokesperson told Sherwood News that the company was excited about the doge trust.

“By introducing the fund as a private fund, Grayscale provides a unique opportunity for accredited investors to gain immediate access to this emerging digital asset while the SEC considers dogecoin ETPs,” the spokesperson said, adding that the aim is to simplify the investment process, “allowing investors to participate in the potential growth of dogecoin without the complexities of purchasing and managing the digital asset directly.”