Grayscale takes a significant step in institutionalizing Dogecoin by filing to convert Dogecoin Trust into an ETF.
Grayscale’s Move for Dogecoin
On January 31, 2025, Grayscale filed a 19b-4 application with the SEC to convert its newly launched Dogecoin Trust into an ETF. This move signifies the company’s confidence in the cryptocurrency, no longer seen strictly as a meme but as a serious financial asset. If the conversion is approved, it would allow investors easier access to Dogecoin.
Rise in ETF Applications in the Crypto Industry
Grayscale's filing comes amid a surge of ETF applications in the crypto industry, partly driven by changes in U.S. regulatory policies. Following President Donald Trump’s election and the appointment of a crypto-friendly SEC chairman, there has been increased optimism in the regulatory space. Alongside Grayscale, Bitwise has also submitted an application for a Dogecoin ETF, illustrating the trust in Dogecoin as a financial instrument.
What’s Next for Dogecoin ETFs?
While the SEC has yet to approve both Grayscale and Bitwise's filings, changes in the regulatory landscape have made such applications more feasible. The growing institutional interest in Dogecoin, together with emerging regulatory clarity, could facilitate the coin's adoption in financial markets. Currently, DOGE is priced at $0.329, with analysts suggesting that breaking the $0.35 mark could lead to the next resistance at $0.40.
Grayscale's filing to convert Dogecoin Trust into an ETF highlights the evolving role of cryptocurrencies in financial markets and their potential for institutional recognition.
