"Grayscale Bets Big on Dogecoin, Files for XRP ETF as Crypto Race Heats Up"

Grayscale, a leading digital asset manager, has introduced the Grayscale Dogecoin Trust, a new investment product that provides exposure to the popular meme coin, Dogecoin (DOGE). This move signals a shift in Grayscale's perspective on the once-dismissed cryptocurrency, as the firm now views DOGE as a potential tool for global financial inclusion and a viable payment method due to its low transaction costs and fast transfer speeds.

The newly launched Grayscale Dogecoin Trust operates as a closed-end fund with a 2.5% management fee for investors. This development comes on the heels of political developments in the US, where President Donald Trump established the Department of Government Efficiency (D.O.G.E.) under the leadership of Elon Musk. Following Trump's victory, several investment firms have submitted filings for meme coin ETFs, including Dogecoin. Former SEC Chairman Gary Gensler had previously 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. Prediction markets have reacted strongly to these developments, with Polymarket odds for ETF approval jumping to 56%. This reflects a rising confidence in regulatory acceptance of crypto investment products.

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, allowing 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, as Canary Capital also submitted a similar application that 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