Grayscale has updated its S‑1 to convert the Dogecoin Trust into a tradable Dogecoin ETF, naming Coinbase as custodian and prime broker to strengthen regulatory compliance and market access. This change advances Grayscale’s bid under the SEC’s faster review pathway for crypto ETFs.
Grayscale filed to convert its DOGE Trust into a spot Dogecoin ETF.
Coinbase is listed as custodian and prime broker, increasing institutional credibility.
The move follows a broader ETF momentum that included GDLC’s $22M first‑day inflows.
Dogecoin ETF: Grayscale files to convert DOGE Trust into an ETF with Coinbase as custodian — learn what this means and next steps for investors. Read more.
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What is Grayscale’s Dogecoin ETF bid?
Grayscale’s Dogecoin ETF bid is a formal revision to its S‑1 filing that seeks to convert the existing Dogecoin Trust into a spot Dogecoin ETF. The update lists Coinbase as custodian and prime broker, a structural change intended to address custody and market access concerns raised by regulators.
Source: sec.gov
How does the updated S‑1 change the Dogecoin Trust’s structure?
The revised S‑1 clarifies that the Trust will hold DOGE as the ETF’s underlying asset and names Coinbase as custodian and prime broker. This dual role addresses custody and operational questions by placing a regulated, market‑facing custodian at the center of trading and settlement operations.
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Grayscale’s language emphasizes that DOGE are “digital assets … created and transmitted through the operations of the peer‑to‑peer Dogecoin Network,” aligning the fund’s disclosure with common ETF asset definitions used for other crypto spot funds.
Listing Coinbase as custodian and prime broker strengthens the application’s market infrastructure credentials. Institutional custody with established surveillance and settlement relationships is a key factor regulators evaluate when reviewing spot crypto ETF proposals.
Market watchers note that robust custody arrangements historically correlate with faster regulatory outcomes for exchange‑listed products.
Grayscale’s CoinDesk Crypto 5 ETF (GDLC) debuted with notable traction, drawing $22 million in inflows on day one. While not matching the largest Bitcoin ETF launches, that figure is above average for new ETF debuts and signals investor appetite for diversified crypto baskets.
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