Grayscale Moves To Convert Dogecoin Trust Into ETF

Grayscale, the prominent digital asset manager, has taken a significant step toward institutionalizing Dogecoin (DOGE) by filing a 19b-4 application with the U.S. Securities and Exchange Commission (SEC) on January 31, 2025, to convert its recently launched Dogecoin Trust into an exchange-traded fund (ETF).

This rapid move follows the launch of the Dogecoin Trust earlier the same day and signals Grayscale’s growing confidence in the cryptocurrency, now far from its meme coin origins.

Grayscale’s Move for Dogecoin

The filing, submitted to the SEC via the New York Stock Exchange (NYSE), marks an important moment for Dogecoin, the once-dismissed meme coin that has garnered significant market attention in recent years.

This conversion to an ETF would offer both institutional and retail investors a more accessible way to gain exposure to Dogecoin, potentially driving wider adoption of the asset.

Grayscale’s move reflects the growing shift in the Dogecoin ecosystem. The firm pointed out that the cryptocurrency has transcended its meme roots, evolving into an asset with tangible use cases, such as financial inclusion and blockchain-based settlements.

The company’s past success with Bitcoin and Ethereum ETFs has set a precedent, and it’s clear that Grayscale views Dogecoin as a legitimate player in the crypto market, now worthy of similar investment products.

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Rise in ETF Applications in the Crypto Industry

This filing comes amid a broader wave of ETF applications in the cryptocurrency sector, driven by the shift in U.S. regulatory policies.

Following the election of pro-crypto President Donald Trump, there has been increased optimism about the regulatory environment, particularly after the appointment of crypto-friendly leaders like incoming SEC Chairman Paul Atkins.

These changes have loosened restrictions and allowed crypto-focused firms like Grayscale and Bitwise to apply for Dogecoin ETFs.

Earlier this week, Bitwise also filed for a Dogecoin ETF, reflecting growing institutional confidence in the meme coin as a serious financial asset.

The duo of ETF filings—Grayscale and Bitwise—marks a crucial moment in the crypto industry, signaling a collective push to elevate Dogecoin’s status among serious investment products.

What’s Next for Dogecoin ETFs?

While the SEC has yet to approve either Grayscale or Bitwise’s filings, the shift in the regulatory landscape has made such applications more feasible than before.

The growing institutional interest in Dogecoin, combined with the regulatory clarity emerging under President Trump’s administration, could potentially pave the way for the meme coin’s broader acceptance in financial markets.

DOGE is currently consolidating around $0.329, with historical trends indicating a potential breakout if it surpasses $0.35.

A successful hold above this level could drive the price toward the next resistance at $0.40.

On the other hand, failing to break $0.35 may lead to a retest of support at $0.32, potentially falling to $0.30 if bearish pressure continues.