Cryptocurrency asset administration firm Grayscale has utilized for the Change-Traded Fund (ETF) with Dogecoin. The newest submitting with the U.S. Securities and Change Fee (SEC) states that the fund will commerce NYSE ARCA underneath the ticker image “GDOG.”
Grayscale has introduced that it has renamed the present Grayscale Dogecoin Belief Fund to the Grayscale Dogecoin Belief ETF. If the corporate’s software is authorised, the fund will likely be listed within the NYSE ARCA.
Grayscale is just not the one firm in search of SEC approval for Dogecoin ETFs. Rex-Sosprey and Bitwise have additionally submitted comparable functions. These developments replicate the softening of the SEC in its method to cryptocurrency ETFs underneath the brand new administration.
Over the previous yr, the SEC has made vital advances, particularly within the ETF house. In July, the establishment adopted rules on crypto ETFs that permit licensed individuals to create and redeem them in crypto belongings moderately than money. We now have additionally allowed buying and selling Spot Bitcoin and Ethereum ETFs and sure Spot Bitcoin ETPs.
Greyscale performed a key position within the spot within the Bitcoin ETF approval course of, following the victory in earlier lawsuits. The approval of the SEC’s SPOT Bitcoin ETF throughout the Biden administration and subsequent Ethereum ETF is taken into account an vital step on this conversion.
*This isn’t funding recommendation.
