Grayscale is moving forward with plans to launch a Dogecoin exchange-traded fund (ETF), filing paperwork to rename its existing trust as the Grayscale Dogecoin Trust ETF and secure the ticker symbol “GDOG.”
In a registration statement submitted Friday, the crypto asset manager said the fund would be listed on NYSE Arca, pending approval from the U.S. Securities and Exchange Commission. NYSE Arca had previously filed on behalf of the Grayscale Dogecoin Trust.
“The Shares are expected to be listed on NYSE Arca under the ticker symbol ‘GDOG,’” the filing stated.
If cleared, the product would become the first U.S.-listed ETF tied to Dogecoin, a cryptocurrency originally created as a joke but now among the largest digital assets by market capitalization.
Rising competition for crypto ETFs
Grayscale is not alone in targeting a Dogecoin ETF. Asset managers Rex-Osprey and Bitwise have submitted similar proposals as firms race to expand the lineup of crypto-linked exchange-traded products. Regulators are currently reviewing dozens of applications spanning Solana, XRP and other tokens.
The push comes amid a notable shift in the SEC’s stance toward digital assets under the current U.S. administration. Over the past year, the agency has approved spot Bitcoin ETFs, later followed by Ethereum ETFs, marking a major reversal from its previously cautious approach.
In July, the SEC also voted to allow in-kind creations and redemptions for crypto ETFs, a mechanism long used in traditional equity and commodity funds, and expanded permissions for listing options on certain spot Bitcoin products.
Grayscale has been a central player in this evolution. The company secured a landmark legal victory last year when a federal appeals court ruled the SEC had wrongly denied its bid to convert the Grayscale Bitcoin Trust into an ETF. That decision forced regulators to revisit their position and opened the door to spot Bitcoin ETFs in early 2024.
If approved, GDOG would represent another milestone in the rapid expansion of crypto ETFs, broadening access for retail and institutional investors beyond Bitcoin and Ethereum.
