Dogecoin (DOGE) Trust Coming to Grayscale
The asset manager said the token has transitioned from a memecoin to a tool for global financial inclusion.
Updated Jan 31, 2025, 3:04 p.m. UTCPublished Jan 31, 2025, 1:45 p.m. UTC
What to know:
- Grayscale has introduced a new closed-end fund offering exposure to dogecoin.
- The asset manager believes that DOGE has become more than a meme coin and will prove to be a tool for global financial inclusion.
- A number of fund managers have previously filed for DOGE ETFs following the election victory for Donald Trump.
Grayscale has rolled out a new trust offering exposure to dogecoin (DOGE), the asset manager announced Friday.
“Dogecoin represents a paradigm shift in global financial accessibility,” Grayscale’s head of product & research, Rayhaneh Sharif-Askary, told CoinDesk. “Its low transaction costs and rapid transfer speeds make it an optimal vehicle for international remittances, particularly in regions with underdeveloped banking infrastructure.”
The launch of the Dogecoin Trust, which charges investors a management fee of 2.5%, comes only weeks after President Trump — who (likely with an assist from Elon Musk) named one of his newly formed groups the Department of Government Efficiency (D.O.G.E.) — took office with the promise of promoting the crypto industry.
Since the Trump election victory, several asset managers have filed applications for memecoin exchange-traded funds (ETFs), including DOGE, an unthinkable move just months ago under the previous administration and its SEC head Gary Gensler.
With a market capitalization of nearly $50 billion, DOGE is the world’s largest memecoin. Wrapping the token in an ETF or in Grayscale's case, a trust, could attract capital from institutional investors. The token’s price has already increased three-fold over the past year, with a particularly large move happening in the immediate weeks after the November election.
UPDATE (Jan. 31, 15:04 UTC): Adds management fee.
