Grayscale Launches Dogecoin Trust, Betting on Meme Coin's Financial Inclusion Potential

Grayscale, a leading crypto asset manager, has launched a new trust product, the Grayscale Dogecoin Trust, aimed at providing institutional investors with exposure to Dogecoin (DOGE), the largest meme coin with a market capitalization of nearly $50 billion. The launch comes after Grayscale Research added Dogecoin to its list of assets under consideration last October, signaling the potential creation of a Dogecoin-based investment product.

Rayhaneh Sharif-Askary, Grayscale’s head of product & research, highlighted Dogecoin's features, including low costs and fast speeds, which make it a powerful tool for expanding financial inclusion, especially in areas where traditional banking is lacking. Grayscale views Dogecoin as a potential driver of financial empowerment for underserved communities worldwide, not just a speculative asset.

Grayscale's move follows a trend of growing interest in meme coins like Dogecoin. Several asset managers have filed applications for memecoin ETFs, including those focused on Dogecoin. Bitwise Asset Management filed an S-1 registration with the SEC for a Dogecoin ETF, while REX Advisers and Osprey Funds jointly filed for an ETF that includes Dogecoin among other meme coins. These filings reflect a growing interest in creating ETFs for meme coins like Dogecoin.

Dogecoin's price has tripled over the past year, driven by President Trump's election victory and the revelation of the Department of Government Efficiency (D.O.G.E.), led by Elon Musk, Tesla CEO and also a known Dogecoin fan. The asset manager could eventually file to convert this fund to an ETF, like it has done with some other crypto funds.