Cryptocurrency asset manager Grayscale Investments has launched the Dogecoin Trust, offering individual and institutional accredited investors exposure to DOGE through an equity-based format.
Grayscale argues that DOGE has evolved from a simple memecoin featuring a Shiba Inu dog into a legitimate financial instrument. “Grayscale believes that DOGE has evolved from a memecoin into a vehicle for global financial inclusion, grassroots activism, and viable payment,” the company said in a statement. The firm cited DOGE’s accessibility, affordability, and high transaction speeds as factors contributing to its global adoption.
Originally founded as a joke in 2013, DOGE runs on the Dogecoin network, which was forked from Litecoin, a derivative of Bitcoin.
Grayscale’s move comes as DOGE gained momentum following the creation of the Department of Government Efficiency (DOGE) under US President Donald Trump. The White House unit, led by Tesla CEO and longtime DOGE supporter Elon Musk, is reportedly exploring blockchain-based federal systems. Potential applications include tracking government spending, managing infrastructure and facilitating payments, but discussions are still in the early stages.
The Dogecoin Trust launch comes amid growing interest in a potential DOGE exchange-traded fund (ETF). Earlier this week, crypto asset manager Bitwise filed an S-1 with the U.S. Securities and Exchange Commission for a spot Dogecoin ETF. Osprey Funds and Rex Shares have also filed similar proposals.
So could a Dogecoin ETF launch in 2024? “I think everything is on the table under the new management,” said ETF Store President Nate Geraci. Bloomberg’s senior ETF analyst Eric Balchunas echoed this sentiment, saying, “Today’s humor is tomorrow’s ETF.”
*This is not investment advice.
