Grayscale Introduces Dogecoin Trust Amid ETF Expectations
2025-02-01
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Grayscale has launched a new investment product that provides exposure to Dogecoin DOGEUSD, signaling a shift in how the asset manager views the once-dismissed meme coin. 
The firm believes DOGE has evolved beyond internet humor and could play a role in financial accessibility on a global scale.
Dogecoin ETF Momentum Grows
The newly introduced Dogecoin Trust operates as a closed-end fund with a 2.5% management fee for investors.This move follows political developments in the US, where President Donald Trump established the Department of Government Efficiency (D.O.G.E.) under Elon Musk’s leadership. 
Since Trump’s victory, several investment firms have submitted filings for meme coin ETFs, including Dogecoin. Former SEC Chairman Gary Gensler had resisted such products, but shifting regulatory sentiment has led to a wave of new applications.
Earlier this week, Bitwise officially filed for a Dogecoin ETF, seeking approval under the Securities Act. The application named Coinbase Custody as the fund’s custodian but left out key details, including fees and the ticker symbol.
“DOGE, originally a meme coin, is now viewed as a tool for global financial inclusion, grassroots activism, and a viable payment method due to its low transaction costs and fast transfer speeds,” wrote The Wolf of All Streets Scott Melker. 
Prediction markets have reacted strongly to these developments. Polymarket odds for ETF approval jumped to 56%. This reflects a rising confidence in regulatory acceptance of crypto investment products.
Grayscale Expands Crypto Offerings
Grayscale continues to push forward with new crypto-based financial products. Earlier today, the firm became the fifth asset manager to file for an XRP ETF.
The firm has also been expanding into Bitcoin mining investments, launching the Bitcoin Miners ETF (MNRS). The fund focuses on companies generating revenue through Bitcoin mining operations. 
This allows investors to gain exposure to mining-related businesses without directly holding cryptocurrencies.
Competition among asset managers is intensifying. Last week, Grayscale submitted ETF filings for Litecoin, Solana, and three additional cryptocurrencies. 
Among the latest filings, Grayscale’s Litecoin ETF stands the best chance of early approval. Canary Capital also submitted a similar application, which has been acknowledged by the SEC.
Meanwhile, Grayscale has expanded its list of potential future crypto investment products, adding nearly 40 digital assets to its consideration portfolio. 
The firm’s aggressive push into crypto ETFs reflects the increasing demand for regulated, mainstream investment options in the digital asset space.