NYSE Seeks SEC Nod for Grayscale's Spot Dogecoin ETF

NYSE Files to List and Trade Grayscale's Spot Dogecoin ETF

The New York Stock Exchange (NYSE) has filed with the U.S. Securities and Exchange Commission (SEC) to list and trade Grayscale's spot Dogecoin exchange-traded fund (ETF). The move comes as part of a wave of crypto ETF applications following the resignation of former SEC chair Gary Gensler.

Grayscale, a leading crypto asset manager, believes that converting its Dogecoin Trust into an ETF would provide investors with a regulated and accessible way to invest in the popular memecoin. The Dogecoin Trust currently has over $1.5 billion in assets under management.

The SEC has already approved spot market Bitcoin (BTC) and Ethereum (ETH) ETFs, which have attracted billions of dollars in inflows. The regulator has also provisionally approved a hybrid Bitcoin and Ethereum ETF from Bitwise Asset Management.

In addition to the Dogecoin ETF, Grayscale has also submitted applications for XRP, Litecoin, and Solana ETFs. The firm recently launched a Bitcoin Miners ETF, which offers exposure to Bitcoin-linked companies without investing directly in cryptocurrency.

The SEC is likely to wait for the confirmation of Paul Atkins as the permanent chair before approving any new altcoin ETFs. However, the commission has acknowledged Canary Capital's Litecoin ETF application and may approve it first, as Litecoin is already classified as a non-security.

As the crypto market continues to evolve, the success of these ETFs will depend on investor demand and market forces. Stakeholders should remain informed and adaptive to the dynamic nature of the cryptocurrency landscape.