Grayscale Pushes for Dogecoin ETF as Competition Grows

Grayscale has taken a major step toward launching a Dogecoin exchange-traded fund (ETF), with NYSE Arca submitting a request to the U.S. Securities and Exchange Commission (SEC) to approve a rule change for its listing.

This follows Grayscale’s announcement of its Dogecoin Trust earlier the same day.

The proposed ETF would allow investors to gain exposure to Dogecoin without holding the asset directly. Custody services would be provided by Coinbase Custody Trust, while BNY Mellon would handle administration. The SEC now has 45 days to review the request, though the timeline could be extended up to 90 days.

Grayscale has been expanding its ETF portfolio, recently filing to convert its XRP Trust into an ETF and exploring similar products for other altcoins like Litecoin and Solana. The firm previously won a legal battle against the SEC in 2023, which led to the approval of spot Bitcoin and Ethereum ETFs.

Meanwhile, competition in the Dogecoin ETF market is heating up. Bitwise has also submitted an application to launch a DOGE-based fund, marking increased interest in the world’s most valuable meme coin. Analysts suggest that Dogecoin and Litecoin could have an easier regulatory path compared to Solana and XRP, as they have not faced legal disputes with the SEC.