Grayscale unleashes GDOG, Wall Street’s spot Dogecoin ETF

Grayscale has filed an S-1 registration statement with the U.S. Securities and Exchange Commission (SEC) for a spot Dogecoin ETF. The ETF would trade under the ticker “GDOG” on NYSE Arca.

The filing renames the current Grayscale Dogecoin Trust to the new Grayscale Dogecoin Trust ETF. It will also allow investors to gain Dogecoin (DOGE) exposure without directly owning tokens.

The ETF proposal joins similar applications from Rex-Osprey and Bitwise as the SEC weighs dozens of cryptocurrency ETF filings under the crypto-friendly Trump administration.

Dogecoin (DOGE) has failed to rally on the news, trading at $0.23 and down 2.3% over the past seven days.

Coinbase Custody named sole asset holder

Grayscale selected Coinbase Custody Trust Company to safeguard the ETF’s Dogecoin holdings, which will serve as the trust’s sole asset.

The fund is intended as a passive investment vehicle, with no active trading, loan utilization, or derivative exposure. Grayscale’s application identifies various risk concerns.

This includes DOGE price swings, regulatory uncertainty, and future competition from other digital assets. The ETF proposal conforms to the NYSE’s amended listing standards, effective January 31.

Competition builds for meme coin ETFs

Bitwise submitted its own Dogecoin ETF application in late January, also naming Coinbase Custody as the proposed asset custodian.

The multiple filings show growing institutional interest in meme coin exposure through regulated investment products.

The SEC is reviewing various cryptocurrency ETF proposals covering tokens including Solana and XRP following the more favorable regulatory environment under the current administration.

Grayscale’s existing Dogecoin Trust has provided institutional exposure to DOGE since its launch, though the ETF structure would offer improved liquidity and potentially lower fees for investors.

Dogecoin’s lack of price reaction to the ETF filing contrasts with the typical response of other cryptocurrencies to news of institutional adoption.

The ETF applications must receive SEC approval before trading can begin, with no guaranteed timeline for regulatory decisions. Grayscale emphasized that share offerings will only become available after receiving authorization.

At the time of writing, Bitcoin (BTC) is trading at levels around $117,400.