Grayscale Officially Registers Conversion of Dogecoin Trust to ETF on NYSE Arca, Joining the Race with Bitwise and Other Funds.
Grayscale Investments has officially filed with the US Securities and Exchange Commission (SEC) to convert the Grayscale Dogecoin Trust into an Exchange Traded Fund (ETF) and list it on NYSE Arca. This move marks an important step in bringing Dogecoin into the traditional financial system.
The registration filed this week introduces the new name "Grayscale Dogecoin Trust ETF" with the trading symbol GDOG. According to the SEC filing, the fund's objective is for the share price to reflect the value of dogecoin (DOGE) held after deducting expenses, with a standard reference price. The fund is established as a Delaware statutory trust, will directly hold DOGE, and plans to continuously issue shares after approval.
A key factor in this process is the SEC's approval of NYSE Arca's rule change request through the 19b-4 filing. The filing clearly states that the fund "will not seek to make this registration effective unless and until" that approval is obtained, emphasizing the decisive nature of the regulatory approval process.
Operating Mechanism and Management Fees
Upon launch, shares can only be created or redeemed through cash orders processed by LPs, rather than direct DOGE transfer. The filing explains this is due to ongoing legal issues with broker-dealers managing digital assets. However, NYSE Arca may pursue approval for direct trading mechanisms in a later stage.
The fund is expected to charge an annual management fee of 0.75%, calculated daily and paid in DOGE. As of June 30, 2025, Dogecoin's market capitalization reached $24.8 billion, ranking 9th among digital assets. By August 17, DOGE had risen to 8th place with a valuation of $35.09 billion, demonstrating impressive growth and increasingly consolidated position in the crypto asset market.
Grayscale's move comes amid an increasingly competitive Dogecoin spot ETF race. Currently, in addition to Grayscale, Bitwise, Rex Shares (Osprey), and 21shares have also filed similar applications. The final decision rests with the SEC, with rulings on these filings expected to be announced by the end of 2025 or early 2026.
