Grayscale Seeks SEC Nod for Spot Dogecoin ETF on NYSE

Grayscale, a leading digital asset manager, has filed a 19b-4 form with the U.S. Securities and Exchange Commission (SEC) to list and trade shares of its spot Dogecoin ETF on the New York Stock Exchange (NYSE). This move comes after Grayscale's announcement of the creation and launch of Grayscale Dogecoin Trust.

The proposed ETF would provide investors with exposure to Dogecoin without the need to directly own the cryptocurrency. Coinbase Custody Trust Company will serve as the custodian, while BNY Mellon will handle administrative and transfer duties. The 19b-4 filing is a crucial step in the ETF listing process. After publication in the Federal Register, the SEC has 45 days to review and decide whether to approve, disapprove, or initiate proceedings to disapprove the rule change. This review period can be extended to 90 days if necessary.

Grayscale is actively expanding its ETF offerings, having recently applied to convert its XRP Trust into an ETF and pursuing ETFs for major altcoins like Litecoin and Solana. The company's latest filing signals its commitment to providing investors with diversified exposure to the digital asset market.

Grayscale's new Dogecoin Trust has a management fee of 2.5%. This fee structure is in line with the company's other digital asset trusts, which typically have management fees ranging from 2% to 3%. The management fee covers the costs associated with operating the trust, including custody, administration, and other expenses.

The launch of Grayscale's Dogecoin Trust and the subsequent filing for a spot Dogecoin ETF indicate the growing interest in and acceptance of Dogecoin as a legitimate investment option. As a meme-based cryptocurrency, Dogecoin has gained significant popularity and has the potential to attract a broader range of investors.

The SEC's decision on Grayscale's 19b-4 filing will be closely watched by the cryptocurrency community and investors. The approval of the rule change would pave the way for the launch of the first spot Dogecoin ETF, providing investors with a new and convenient way to gain exposure to the cryptocurrency.