NYSE files to list and trade Grayscale’s spot Dogecoin ETF
Key Takeaways
- NYSE Arca filed a 19b-4 form to convert Grayscale’s Dogecoin Trust to a spot exchange-traded fund.
- Grayscale seeks to expand its ETF offerings, including proposals for XRP and Litecoin ETFs alongside its spot Bitcoin and Ethereum ETFs.
NYSE Arca has filed a 19b-4 form with the SEC, seeking approval for a rule change to list and trade shares of Grayscale’s spot Dogecoin ETF. The move comes swiftly after Grayscale announced the launch of its Dogecoin Trust earlier today.
“Similar to Bitcoin and Litecoin, DOGE can be used to pay for goods and services or can be converted to fiat currencies, such as the U.S. dollar, at rates determined on Digital Asset Trading Platforms or in individual end-user-to-end-user transactions under a barter system. Additionally, DOGE is used to pay for transaction fees to miners for verifying transactions on the Dogecoin Network,” the filing read.
The proposed ETF would provide investors with Dogecoin exposure without direct ownership requirements. Coinbase Custody Trust Company would serve as custodian, while BNY Mellon would handle administration and transfer agent duties.
The 19b-4 filing is a regulatory requirement for new ETF listings. The SEC has 45 days from Federal Register publication to review the filing and make a decision. The regulator can approve, disapprove, or initiate proceedings to determine whether to disapprove the rule change. This review period may be extended to 90 days if the SEC provides reasoning or if NYSE Arca agrees.
