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Grayscale Bets on Dogecoin's Serious Side

Coin WorldFriday, Jan 31, 2025 2:04 pm ET

1min read

Grayscale Introduces Dogecoin Trust Amid ETF Expectations

Grayscale, a leading digital asset manager, has launched a new investment product that provides exposure to Dogecoin (DOGE), 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.

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.

“We are proud to announce a new single-asset crypto investment fund, Grayscale Dogecoin Trust DOGE. Dogecoin is helping groups underserved by legacy financial infrastructure to participate in the financial system,” Grayscale wrote on X (formerly Twitter).

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.

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