Key dealers
- NYSE ARCA submitted a 19B-4 form to convert Grayscales Dogecoin Trust to a Spot Exchange Trade.
- Grayscale tries to expand its ETF offers, including suggestions for XRP and Litecoin ETFs together with their Tot Bitcoin and Ethereum ETFs.
NYSE ARCA HAS GOOKED A 19B-4 forms With SEC, approval for a rule change for list and trading shares in Grayscales Spot Dogecoin ETF. The move comes quickly after gray scale announced launching its Dogecoin Trust Earlier today.
“Like Bitcoin and Litecoin, Doge can be used to pay for goods and services or can be converted to FIAT currencies, such as the US dollar, at prices set on digital asset trading platforms or in individual end-user-to-end transactions under a barter. In addition, Doge is used to pay for transaction fees to miners to verify transactions in the Dogecoin network, ”the archiving is read.
The proposed ETF would give investors an exposure to Dogecoin without direct ownership requirements. Coinbase Custody Trust Company would serve as a guardian, while Bny Mellon would handle administration and transfer agent details.
19B-4 archiving is a regulatory requirement for new ETF lists. SEC has 45 days from Federal Register Publication to review the archiving and make a decision. The controller may approve, reject or initiate procedures to determine whether the rule change should refrain. This review period can be extended to 90 days if the SEC provides reasoning or if NYSE ARCA agrees.
Grayscale has expanded its ETF initiatives and has recently applied for convert their XRP confidence to an ETF And persecute ETFs tied to other big altcoins like Litecoin and Solana.
The Asset Manager secured legislative approvals for Tot Bitcoin and Ethereum ETFs last year, after a landmark’s legal victory in August 2023 when a court released SEC’s previous rejection of Graysscales Spot Bitcoin ETF proposal as “arbitrary and calm.”
The company had originally questioned SEC’s decision in 2022 after the controller rejected its proposal to convert the GBTC Fund into a place Bitcoin ETF.
Dogecoin ETF race warms up when applications multiply
The race to start a Dogecoin ETF in the US is intensified, with several companies that strive for legislative approval. Bit by bit on Tuesday potted with Sec to launch its own investment product that tracks the spot price on DOGE, The world’s largest Meme coin after market case.
“I have never heard of a trust launch and then appear to convert to ETF on the same day,” commented Bloomberg ETF analyst Eric Balchunas on Greyscale’s move to convert his Dogecoin Trust to an ETF.
Dogecoin and Litecoin may have a regulatory advantage compared to ETFS tracking Solana and XRP. Neither Doge nor LTC have been the subject of legal disputes with Sec, which potentially simplifies their path to ETF approval.
As previously mentioned by Balchunas, the first Altcoin ETF that was approved under Trump can be a Litecoin.
