Grayscale unleashes GDOG — spot Dogecoin ETF

Grayscale has filed an S-1 registration with the U.S. Securities and Exchange Commission to convert its existing Dogecoin vehicle into a spot Dogecoin ETF that would trade under the ticker GDOG on NYSE Arca. The filing renames the current Grayscale Dogecoin Trust to the new Grayscale Dogecoin Trust ETF and is structured to give investors DOGE exposure without requiring direct token ownership.

Coinbase Custody Trust Company is named as the fund’s sole asset custodian and will safeguard the ETF’s Dogecoin holdings. Grayscale describes the vehicle as a passive investment fund: it will not engage in active trading, loan its assets, or use derivatives as part of the strategy. The application also notes standard risk factors, including DOGE price volatility, regulatory uncertainty and competition from other digital assets.

• Other filers: The GDOG filing joins a growing slate of meme-coin ETF proposals from firms including Rex-Osprey and Bitwise. Bitwise submitted its Dogecoin ETF paperwork in late January and also proposed Coinbase Custody as custodian.
• Regulatory context: Those multiple filings illustrate rising institutional interest in regulated meme-coin exposure and arrive as the SEC reviews dozens of cryptocurrency ETF proposals, spanning tokens such as Solana and XRP, amid a more crypto-friendly regulatory backdrop under the current administration.

Grayscale’s submission says the ETF proposal conforms to NYSE’s amended listing standards that took effect January 31. Despite the flurry of institutional activity around meme-coin ETFs, DOGE itself has not rallied on the news; it is trading around $0.23 and is down roughly 2.3% over the past seven days.

Grayscale’s existing Dogecoin Trust has provided institutional access to DOGE since launch; the proposed GDOG ETF would formalize that exposure into an exchange-listed product, offering traditional investors an on-ramp to meme-coin markets alongside mainstream crypto assets like Bitcoin and Ethereum.

GDOG would offer regulated, exchange-listed exposure to Dogecoin, enabling investors to gain DOGE exposure without direct token ownership while Coinbase Custody serves as the sole custodian.