Grayscale Seeks To Convert Dogecoin Trust To ETF

In an exciting development, the race for the Dogecoin ETF in the US is gaining serious momentum as prominent asset manager Grayscale has now joined the fray.

Asset manager Grayscale has filed to convert its Dogecoin Trust into an ETF.

Several asset managers are now in the running to launch a Dogecoin ETF in the US.

Dogecoin whales have acquired 560 million DOGE in the past week.

Asset manager Grayscale is now seeking to convert its Dogecoin Trust into an ETF.

This development comes after the asset manager launched the Grayscale Dogecoin Trust on Friday.

The trust is designed to provide investors with exposure to the DOGE cryptocurrency. However, hours later, Grayscale filed a form 19-4b with the SEC through the New York Stock Exchange (NYSE) to ultimately convert this Trust into an ETF.

For context, a trust is a private investment vehicle, shares of which are traded on the over-the-counter (OTC) market. Meanwhile, an ETF is designed to trade on open markets such as exchanges.

Grayscale Dogecoin Trust (DOGE) (the “Trust”) is jointly sponsored by Grayscale Operating LLC and Grayscale Investment Sponsors LLC with the designated trustee being Digital Currency Group (DCG). Meanwhile, Coinbase Custody has been appointed as Custodian with the Bank of New York Mellon (BNY) serving as administrator and transfer agent of the ETF upon approval by the SEC.

Grayscale joins other asset managers such as Bitwise, Rex Shares, and Osprey Funds in the race to launch a Dogecoin ETF in the US.

With Donald Trump back in the White House and the change in SEC leadership, asset managers are optimistic about expanding the crypto ETF market with applications for investment funds tied to Litecoin, Solana, XRP, Dogecoin, and most recently Polkadot.

This wave of proposals has sparked mixed reactions from the broader crypto community. Notably, Bloomberg ETF expert James Seyyart has weighed in on these reactions, stating that asset managers are permitted by the SEC to launch any products, and the market will ultimately determine where value lies.

Dogecoin Whales Acquire 560 Million DOGE

In other news, Dogecoin whales are amassing DOGE at an impressive rate.

According to data from BitInfoCharts, Dogecoin whales have collectively purchased 560 million DOGE over the past week.

At current prices, this acquisition amounts to approximately $185.4 million, showcasing the scale of their buying activity.

This development follows a major market selloff and marks a renewed market interest from these larger holders of DOGE, which is typically viewed as bullish by everyday traders.

Moreover, it highlights the resilience of the memecoin despite the market downturn.

At press time, DOGE is trading at $0.3279 after a gain of 0.16% in the past day. Meanwhile, its trading volume has increased by 36.68% in the same period, indicating significant market activity.

With a market cap of $49.98 billion, Dogecoin ranks as the eighth largest cryptocurrency and largest memecoin in the market.