The U.S. Securities and Exchange Commission (SEC) has officially acknowledged Grayscale’s 19b-4 filing to list a spot Dogecoin (DOGE) exchange-traded fund (ETF). This acknowledgment, dated February 14, 2025, initiates the regulatory review process for the proposed ETF.
Grayscale’s Dogecoin ETF Proposal
Grayscale, a major digital asset management firm, aims to convert its existing Dogecoin Trust into a publicly traded ETF. The application was submitted through NYSE Arca, with the proposed ETF tracking DOGE’s price via CoinDesk’s DCX index. Unlike traditional cryptocurrency investments, this ETF would allow authorized participants to handle cash transactions instead of directly dealing with DOGE. This structure is designed to address regulatory concerns while ensuring smoother trading operations.
SEC’s Review Process and Timeline
The SEC’s acknowledgment of Grayscale’s filing is a procedural step that begins the formal review process. Once published in the Federal Register, the proposal enters a 240-day review period, starting with an initial 45-day evaluation window. During this time, the SEC will:
- Assess the proposal’s compliance with regulatory standards.
- Seek public comments from investors and industry stakeholders.
- Decide to approve, reject, or extend the review period for further analysis.
Growing Interest in Crypto-Based ETFs
Grayscale’s Dogecoin ETF proposal aligns with a broader trend of increasing institutional interest in cryptocurrency ETFs. The SEC approved Bitcoin and Ethereum ETFs in 2024, leading to a surge in applications for ETFs linked to other digital assets, such as Solana and XRP. The recent leadership change at the SEC, with crypto-friendly Paul Atkins replacing Gary Gensler as chair, has further fueled optimism in the market.
Dogecoin’s Evolution and Mainstream Adoption
Originally launched as a meme-inspired cryptocurrency in 2013, Dogecoin has gained mainstream traction. High-profile endorsements, including from Elon Musk, have bolstered its popularity. Additionally, more than 2,500 merchants now accept DOGE for payments, including brands like the Dallas Mavericks and AMC Theatres. Dogecoin has also been used in charitable initiatives, such as funding clean water projects in Kenya.
If approved, a Dogecoin ETF could offer investors regulated access to DOGE through traditional financial markets, potentially increasing its legitimacy and adoption. As the SEC’s review unfolds, both financial and crypto communities will closely watch for updates, recognizing the potential impact on cryptocurrency investments.
