In a latest development, NYSE Arca has filed a 19b-4 form with the SEC to approve a rule change for listing and trading shares of Grayscale’s spot Dogecoin ETF. This follows Grayscale’s announcement of the creation and launch of Grayscale Dogecoin Trust.
Coinbase Custody and BNY Mellon to Manage Dogecoin ETF
The proposed ETF would allow investors to gain exposure to Dogecoin without owning it directly. Notably, Coinbase Custody Trust Company would serve as the custodian, while BNY Mellon would handle administrative and transfer duties.
This follows the firm’s earlier successful moves to convert its Bitcoin and Ethereum Trusts into ETFs and highlights the growing trend of companies filing to launch DOGE ETFs in the U.S.
Its important to note that the 19b-4 filing is a key step for new ETF listings. After it’s published in the Federal Register, the SEC has 45 days to review and decide whether to approve, disapprove, or initiate proceedings to disapprove the rule change. If necessary, the review period can be extended to 90 days, either if the SEC provides reasoning or if NYSE Arca agrees.
A year ago, a Dogecoin ETF seemed far off, but on Tuesday, Bitwise filed for one, entering the race to offer Dogecoin exposure through an ETF.
Grayscale Ramps Up ETF Efforts
Previously, Grayscale hinted in an October blog post that Dogecoin was among several assets under consideration for inclusion in future products. The asset manager is ramping up its ETF efforts, as it recently applied to convert its XRP Trust into an ETF and is also pursuing ETFs for major altcoins like Litecoin and Solana.
