Doge eat doge world: Grayscale files for a doge ETF as the meme coin ETF race heats up
Companies are scrambling to file their applications, hoping for a fast SEC approval process under Trump.
The race to list meme coin ETFs is gaining momentum. Last week, Grayscale filed a so-called 19b-4 form with NYSE Arca 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 2017, 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.”
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.
“The launch of the Grayscale doge trust — and the subsequent filing to convert it to an ETF — comes at a time when meme coins are increasingly becoming a mainstream crypto asset,” Patrick Young, head of partnerships at Galxe, said. “President Trump himself launched a memecoin, while doge is now linked to Elon Musk’s Department of Government Efficiency, so it’s a fitting time to launch a more traditional investment product tracking its price.”
Young also noted that with the crypto-friendly administration now in office, ETF providers are scrambling to file their applications to avoid being left behind when the SEC starts approving these filings and the liquidity starts pouring in.
“Grayscale has also filed for solana, litecoin, and XRP ETFs,” he said, “so it’s clearly looking to establish itself as a leader in crypto ETFs while that spot is still up for grabs.”
Yaël Bizouati-Kennedy is a financial journalist who’s written for Dow Jones, The Financial Times Group, and Business Insider.
