Grayscale Investments has formally submitted an S-1 registration statement to the U.S. Securities and Exchange Commission (SEC) for a spot Dogecoin exchange-traded fund (ETF), proposing to trade under the ticker "GDOG" on NYSE Arca. The filing converts the existing Grayscale Dogecoin Trust into an ETF structure, allowing investors to gain exposure to Dogecoin (DOGE) without direct token ownership.
Coinbase Custody Trust Company will serve as the sole custodian for the fund's DOGE holdings, with the ETF designed as a passive investment vehicle prohibiting active trading, lending, or derivative exposure. Grayscale's application explicitly notes risks including DOGE's price volatility, regulatory uncertainty, and future competition from other digital assets.
The move aligns with amended NYSE Arca listing standards effective January 31 and follows similar Dogecoin ETF applications from Bitwise and Rex-Osprey, signaling growing institutional demand for meme coin exposure through regulated products. These filings occur amid a more favorable regulatory environment under the Trump administration, with the SEC reviewing dozens of cryptocurrency ETF proposals including those for Solana and XRP.
Despite the development, DOGE showed no immediate price reaction, trading at $0.23 (down 2.3% weekly) at reporting time. Approval timing remains uncertain, with Grayscale emphasizing that share offerings will commence only after SEC authorization. The conversion would improve liquidity and potentially lower fees compared to the existing trust structure.