Grayscale Rolls Out New Trust Offering Exposure to Dogecoin (DOGE)

The asset manager announced the launch of the Dogecoin Trust on Friday.

Grayscale has unveiled a new trust product that provides exposure to dogecoin (DOGE), the asset manager announced Friday.

The trust will begin trading on OTC Markets on Monday under the ticker symbol GDX. It will be priced daily at 4 p.m. ET. Grayscale said the trust will offer investors a way to gain exposure to DOGE in a secure and regulated manner.

“Dogecoin represents a paradigm shift in global financial accessibility,” Grayscale’s head of product & research, Rayhaneh Sharif-Askary, told CoinDesk in an email. “Its low transaction costs and rapid transfer speeds make it an optimal vehicle for international remittances, particularly in regions with underdeveloped banking infrastructure.”

The launch of the Dogecoin Trust comes only weeks after President Trump – who (likely with an assist from Elon Musk) named one of his newly formed groups the Department of Government Efficiency (D.O.G.E.) – took office with the promise of promoting the crypto industry.

Since the Trump election victory, several asset managers have filed applications for memecoin exchange-traded funds (ETFs), including DOGE, an unthinkable move just months ago under the previous administration and its SEC head Gary Gensler.

With a market capitalization of nearly $50 billion, DOGE is the world's largest memecoin. Wrapping the token in an ETF or in Grayscale's case, a trust, could attract capital from institutional investors. The token’s price has already increased three-fold over the past year, with a particularly large move happening in the immediate weeks after the November election.