Grayscale Investments has launched the Grayscale Dogecoin Trust, offering accredited investors direct exposure to DOGE, the meme-based cryptocurrency that has gained global adoption due to its speed and affordability.
Announced on January 31, the trust functions like Grayscale’s other single-asset investment products and is backed solely by Dogecoin. The company sees DOGE as more than a meme coin, citing its potential for financial inclusion and use as a low-cost, fast transaction currency.
“Dogecoin has matured into a potentially powerful tool for promoting financial accessibility,”
said Rayhaneh Sharif-Askary, Grayscale’s Head of Product & Research. She emphasized that its scalability and affordability position it as a viable alternative to Bitcoin for everyday transactions.
The trust is now open for daily subscriptions to accredited investors, both individual and institutional. However, shares are not yet available for secondary market trading, and there is no guarantee they will receive regulatory approval. Investors should be prepared for long-term holding risks.
This report follows Grayscale’s recent launch of the Bitcoin Miners ETF ($MNRS), offering investors a new way to gain exposure to the Bitcoin mining sector. Unlike traditional crypto funds, this ETF does not invest in Bitcoin directly but targets companies generating revenue from mining and related industries. Priced at $25.31 per unit, the fund includes holdings in Marathon Holdings (16.66%), Riot Platforms (11.92%), and Core Scientific (9.2%). Grayscale’s David LaValle highlighted the critical role miners play in sustaining the Bitcoin network, providing a fresh investment avenue amidst growing institutional interest in Bitcoin mining.
In a parallel move, Grayscale secured SEC approval to uplist Grayscale Bitcoin Trust (GBTC) to NYSE Arca as a spot Bitcoin ETF, with trading set to begin on January 11, 2024. This uplisting makes GBTC the largest spot Bitcoin ETF and the second-largest commodity-based ETF globally. The shift from its OTCQX listing allows for greater access, with existing shareholders needing no action. Grayscale emphasized its commitment to bridging Bitcoin with the U.S. financial system through regulated investment products.
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