The US digital currency asset management company, Grayscale, has filed an amended S-1 registration statement with the U.S. Securities and Exchange Commission (SEC) to convert its Dogecoin Trust into exchange-traded fund (ETF).
The move leverages recently approved, more lenient listing standards for crypto funds, potentially accelerating the regulatory path for the product.
According to the filing, the proposed Dogecoin ETF would be listed on NYSE Arca under the ticker ‘GDOG.’ Grayscale has chosen Coinbase to be the fund’s prime broker and custodian for the fund, which aims to provide investors with a regulated vehicle for exposure to the popular meme coin.
NYSE Arca has also filed to change the classification of Grayscale’s Ethereum Trust ETF to meet the new listing standards. Grayscale’s attempt to reposition the Ethereum fund shows that the company has a bigger plan to make all of its products comply with the new rules. This might make their operations more efficient and attract more investors.
Grayscale’s filings highlight its argument that the Investment business Act of 1940 should not consider the Dogecoin trust to be a registered investment business. The company’s case is bolstered by the new SEC standards, which require a digital asset to have a futures market on a regulated exchange for a minimum of six months. Grayscale says that Dogecoin has already met this requirement.
The updated S-1 was signed by Barry Silbert, Chairman of the Board of Directors, along with other board members and Grayscale Chief Financial Officer Edward McGee, in accordance with the Securities Act of 1933, a regulation that pertains to securities issuances.
An S-1 is a registration statement that a company files with the SEC in order to provide information about a fund’s structure, management, and investment strategy in order to initiate an ETF.
This latest action follows the recent launch of Grayscale’s multi-asset crypto index fund, which tracks a group of well-known cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Solana (SOL), XRP, and Cardano (ADA).
Earlier this year, Eric Balchunas, a senior analyst at Bloomberg, also stated in his X post that there is a 75% chance that Doge ETFs will be approved. The SEC’s getting friendlier, but it’s still a waiting game in the fast-moving crypto world.
Also Read: Grayscale to Convert BCH Trust Into ETF and List on NYSE Arca
