DOGE ETF News: Grayscale Files for Spot Dogecoin ETF With NYSE
The post DOGE ETF News: Grayscale Files for Spot Dogecoin ETF With NYSE appeared first on Coinpedia Fintech News
In a latest development, NYSE Arca has filed a 19b-4 form with the SEC to approve a rule change for listing and trading shares of Grayscale’s spot Dogecoin ETF. This follows Grayscale’s announcement of the creation and launch of Grayscale Dogecoin Trust. A year ago, a Dogecoin ETF seemed far off, but on Tuesday, Bitwise filed for one, entering the race to offer Dogecoin exposure through an ETF.
Coinbase Custody and BNY Mellon to Manage Dogecoin ETF
The filign noted that similar to Bitcoin and Litecoin, DOGE can be used to pay for goods and services or converted to fiat currencies, like the U.S. dollar, at rates determined on Digital Asset Trading Platforms or directly between users. DOGE is also used to pay miners for verifying transactions on the Dogecoin Network
The proposed ETF would allow investors to gain exposure to Dogecoin without owning it directly. Notably, Coinbase Custody Trust Company would serve as the custodian, while BNY Mellon would handle administrative and transfer duties.
This follows the firm’s earlier successful moves to convert its Bitcoin and Ethereum Trusts into ETFs and highlights the growing trend of companies filing to launch DOGE ETFs in the U.S.
Its important to note that the 19b-4 filing is a key step for new ETF listings. After it’s published 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. If necessary, the review period can be extended to 90 days, either if the SEC provides reasoning or if NYSE Arca agrees.
Bloomberg Analyst Reacts To Grayscale’s Move
Bloomberg ETF analyst Eric Balchunas remarked, “I’ve never seen a trust launch and then try to convert to an ETF on the same day,” commenting on Grayscale’s move to convert its Dogecoin Trust into an ETF.
Previously, Grayscale hinted in an October blog post that Dogecoin was among several assets under consideration for inclusion in future products. The asset manager is ramping up its ETF efforts, as it recently applied to convert its XRP Trust into an ETF and is also pursuing ETFs for major altcoins like Litecoin and Solana.
