Early on Friday night, asset manager Grayscale established a Dogecoin Trust, giving administrative and vetted investors the chance to invest in the original meme coin of crypto.
The$ 49.7 billion meme coin is no longer a laughing matter thanks to its spot Bitcoin and Ethereum ETFs, which also started as private jobs.
According to a press release, the company believes Dogecoin has evolved from a simple image gold to a tool for “global economic inclusion, grassroots advocacy, and a practical means of payment.”
Asset managers have submitted a number of applications for position ETFs covering various bitcoin, including Dogecoin, Litecoin, and XRP, with a now appear to be crypto-friendly Securities and Exchange Commission under President Donald Trump. Grayscale’s statement Friday doesn’t reflect for a walk, but it does reflect how organizations are adapting to a novel regulatory environment.
” We believe, as a faster, cheaper, and more flexible variant of Bitcoin, Dogecoin is helping teams underserved by legacy financial system to join in the economic system”, Rayhaneh Sharif-Askary, Grayscale’s Nose of Product Research, said in a statement.
A year ago, the idea of a Dogecoin ETF may have seemed far-fetched. However, Bitwise, an asset manager, filed for a Dogecoin ETF on Tuesday that might make Elon Musk’s preferred cryptocurrency more accessible to investors.
Dogecoin traded hands at$ 0.33 Friday, edging down 1 % over the past day. The stock’s price dropped earlier this year as concerns from China’s DeepSeek shook it markets, and the property suffered a blow last week when its brand was removed from the Department of Government Efficiency website.
Dogecoin will be the only source of funding for Grayscale’s Dogecoin Trust, but the cat crypto is now regarded as the company’s consumer and culture crypto sector’s largest asset. That sector also includes Shiba Inu ( SHIB ) and The Sandbox ( SAND).
The news isn’t a complete surprise. Dogecoin was one of several assets that Grayscale suggested in a blog post from October that was being” under account” for participation in upcoming products. While Grayscale’s walk pushes Dogecoin into new country, Sharif-Askary told in November that the property is fairly amazing.
” Jokes have existed since time immemorial”, she said. It would be reckless to dismiss DOGE’s use on-chain and the very true employ case that is being fulfilled, even though it was previously simple to dismiss meme coins due to their lively nature.
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