Grayscale Submits Revised Dogecoin ETF Application

Grayscale, according to its latest disclosure, filed an amended S-1 registration statement with the U.S. Securities and Exchange Commission (SEC) on September 19th, proposing to convert its closed-end Grayscale Dogecoin Trust into an exchange-traded fund (ETF). If approved, the fund would be listed on NYSE Arca under the ticker symbol "GDOG," with Coinbase appointed as its principal broker and custodian. On the same day, NYSE Arca also submitted a proposal to amend the listing terms of the Grayscale Ethereum Trust ETF and its "mini" trust under the SEC's newly approved "common listing standards." The new standards will subject such products to less stringent regulatory scrutiny. Citing the new regulations, Grayscale noted in its application that Dogecoin has been trading futures and options on exchanges regulated by the U.S. Commodity Futures Trading Commission (CFTC) for over six months, meeting the relevant requirements. The company also stated that the trust should not be deemed an "investment company" within the meaning of the Investment Company Act of 1940 and, therefore, not subject to its regulations. If GDOG is approved, it would become the second securitized product in the United States to directly track the price of Dogecoin. This Thursday, the Dogecoin ETF (DOJE), a collaboration between REX and Osprey, was approved for listing by the SEC.