Comprehensive Review: Grayscale’s New Dogecoin Spot ETF Proposal
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Grayscale’s Ambitious Dogecoin Spot ETF Application
Grayscale, a prominent asset investment company, has officially submitted Form S-1 to the U.S. Securities and Exchange Commission (SEC) to initiate the process for launching a Dogecoin Spot Exchange-Traded Fund (ETF). This move is a significant step as the SEC is anticipated to deliver its decision regarding the ETF proposal by mid-October 2025, a pivotal moment for both the company and potential investors.
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Understanding the Grayscale Dogecoin Trust (DOGE)
In February 2025, the SEC signaled its acceptance of the 19-4b form filed by the New York Stock Exchange, which proposes the listing and trading of the Grayscale Dogecoin Trust as an ETF. This initiated a comprehensive 240-day review period for the application, during which Grayscale completed the necessary step of registering the shares of the proposed product. On August 15, 2025, Grayscale submitted the Form S-1 registration statement, marking a critical milestone in the process.
The proposed ETF operates under a Delaware Statutory Trust framework, offering investors exposure to Dogecoin without the need to directly manage the cryptocurrency. Shares of the trust represent fractional undivided interests in its Dogecoin holdings, with each share’s value closely tracking the market price of Dogecoin. As a physically backed spot ETF, each issued share is underpinned by actual Dogecoin assets.
Coinbase Custody Trust Company serves as the custodian, ensuring the safe storage of the trust’s Dogecoin holdings. Meanwhile, Coinbase Inc. and the Bank of New York Mellon (BNY) fulfill roles as the trust’s prime broker and administrator/transfer agent, respectively. Notably, the trust only processes cash orders for share creation and redemption, with authorized participants engaging in these transactions to maintain price alignment with the Net Asset Value (NAV).
Market Response: Dogecoin’s 5% Surge
Following the announcement of Grayscale’s Form S-1 submission, Dogecoin experienced a notable 5% uptick, reaching a price of $0.2334. This rise has bolstered the meme token’s bullish trajectory, resulting in an 8.91% increase over the past month. Insights from the price forecast platform CoinCodex reveal a prevailing bullish sentiment among Dogecoin investors, with the Fear & Greed Index hovering around 60.
Despite the current positive market sentiment, CoinCodex analysts predict that this upward trend might be temporary. They forecast a slight dip to $0.224 in five days, followed by a more robust recovery to $0.266 within a month. Long-term projections suggest Dogecoin could trade at approximately $0.268 over the next three months.
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