Grayscale Investments, one of the largest companies for digital assets in the world, took another brave step in the Crypto ETF room. The company recently presented a changed S-1 registration declaration to the US Securities and Exchange Commission (SEC), this time for its Dotecoin product.
The Submission reveals Grayscal’s intention to convert its existing gray scale Dogecoin Trust (GDOG) into a Spot Dogecoin Exchange Fund (ETF), a step that would give the Meme coin an unprecedented measure of exposure to institutional investors.
Grayscales strive for a Dotecoin -ETF
Has grayscale was consistently in the foreground Push crypto products into the mainstream. Long before the start of Spot Bitcoin ETFS, the digital assistant investment platform was one of the first companies that introduced Other investment products This gave institutional investors in cryptocurrencies.
The Bitcoin and Ethereum products from Grayscale have been converted into Bitcoin ETFs, and now the company is now bringing the same game book to the next largest assets. According to a recently carried out submission to the US SEC, Greyscale now wants to convert its existing grayscale dotecoin Trust (GDOG) into a Spot Dogecoin Exchange Fund (ETF). Grayscale has managed this Doge Trust since 2021 and, if approved, the latest submission is converted into public ETF format.
By converting the gray level -Dogecoin trust into a spot -etf, a wider spectrum is made available by investors, including those who may not keep crypto directly. After the S-1 filing, the proposed Dotecoin ETF would be listed under the ticker ‘Gdog’ on Nyse Arca.
The ETF will pursue the price of Doge based on the reference rate of Coindesk Doge, which receives the pricing of leading stock exchanges such as Kraken, Gemini, Coinbase and Bitstamp. Grayscale also selected Coinbase as the official administrator of the Doge held by the ETF. The submission also states that ETF shares are created and redeemed in blocks of 10,000 shares, which are referred to as “baskets”.
Market effects and what comes next
Grayscal’s move into a Spot Dogecoin ETF comes at a time when investors have the view for the next crypto -ply that comes onto the market. Grayscale already Has pending applications To convert his cardano and XRP trusts into Spot -ETFs, but those are not yet approved.
As it looks, there is no specific period for the Sec to give your consent. The type of S-1 registration means that the agency checks the registration, issues commentary letters and waits for the issuer to react with changes until it is fulfilled.
Billions of dollars are already in Bitcoin and Ethereum through their Spot ETFs. If the registration of Grayscale is approved, dotecoin Could be the next benefactor these institutional inflows. Institutional investors who largely stayed away from meme coins would have a regulatory channel to be exposed to dotecoin.
At the time of writing, Dotecoin dealt with $ 0.265.
Selected picture of Unsplash, Diagram from Tradingview
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