Grayscale Launches Dogecoin Trust, Targeting Institutional Investors

Grayscale Investments has launched the Grayscale Dogecoin Trust, a new investment product focused on Dogecoin (DOGE).

Grayscale Investments has launched the Grayscale Dogecoin Trust, a new investment product focused on Dogecoin (CRYPTO: DOGE).

The asset manager announced the fund on Monday, allowing institutional investors to gain exposure to DOGE, the largest memecoin by market cap.

What Happened: Dogecoin operates on a proof-of-work (PoW) blockchain, similar to Bitcoin (CRYPTO: BTC) but with lower computational requirements and no fixed supply limit.

"Dogecoin has matured into a potentially powerful tool for promoting financial accessibility," said Rayhaneh Sharif-Askary, Grayscale’s head of product and research.

Growing Demand For Dogecoin And Memecoins: Interest in memecoins has increased, drawing attention from both investors and financial institutions.

On Jan. 18, Donald Trump’s advisory team introduced the Official Trump (CRYPTO: TRUMP) memecoin on the Solana (CRYPTO: SOL) network ahead of the 2024 U.S. presidential election. The token’s launch generated high trading activity, leading to network congestion on Solana for multiple days.

On Jan. 21, Osprey Funds and REX Shares filed to launch exchange-traded funds (ETFs) for multiple memecoins, including DOGE, TRUMP, and Bonk (CRYPTO: BONK). These filings show increasing institutional interest in memecoin-based financial products.

Grayscale Expands Crypto Investment Products: The Dogecoin Trust is part of Grayscale's broader effort to expand its crypto investment products.

In December, the firm launched funds for Lido DAO's (CRYPTO: LDO) and Optimism's (CRYPTO: OP) governance tokens. In October, it introduced an investment fund for Aave (CRYPTO: AAVE) and added 35 altcoins, including Worldcoin (CRYPTO: WLD), Pyth Network (CRYPTO: PYTH), and THORChain (CRYPTO: RUNE), to its "under consideration" list for future products.

Grayscale launched three trusts for Sky (formerly MakerDAO), Bittensor (CRYPTO: TAO), and Sui (CRYPTO: SUI) In August.

Grayscale Maintains Position As Largest Crypto Fund Manager: Grayscale remains the largest crypto fund manager, with $35 billion in assets under management (AUM) as of December.

The firm is known for its Grayscale Bitcoin Trust (NYSE:GBTC) and Grayscale Ethereum Trust (NYSE:ETHE), which provide exposure to BTC and Ethereum (CRYPTO: ETH). The company continues expanding its crypto investment products, including DOGE, amid market fluctuations.

Grayscale's latest launch follows increasing demand for memecoins, reflecting their growing role in digital asset markets.

See More: Best Meme Coins To Buy Now

Dogecoin Price Update: Notably, as of Feb. 1, 2025, the price of Dogecoin (CRYPTO: DOGE) stood at $0.32291. The 24-hour trading volume recorded was 742,060 DOGE, highlighting steady market activity.

Moreover, the Tradingview chart shows fluctuations in DOGE prices over the past month, with the value peaking near $0.44 before trending downward toward the current levels. The price remains relatively stable around the $0.32 range, reflecting moderate market sentiment.