Key Takeaways
- Grayscale Investments has launched a new trust providing exposure to Dogecoin.
- Dogecoin’s rapid transfer speeds and low transaction costs make it favorable for international remittances.
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Grayscale, the world’s leading crypto asset manager, is launching the Grayscale Dogecoin Trust, an investment product aimed at providing investors with exposure to Dogecoin (DOGE), the largest meme coin with a market capitalization of nearly $50 billion.
Rayhaneh Sharif-Askary, Grayscale’s head of product & research, said that Dogecoin’s features, including low costs and fast speeds, make it a powerful tool for expanding financial inclusion, especially in areas where traditional banking is lacking.
Grayscale views Dogecoin as a potential driver of financial empowerment for underserved communities worldwide, not just a speculative asset.
“Dogecoin has matured into a potentially powerful tool for promoting financial accessibility,” Sharif-Askary said. “We believe, as a faster, cheaper, and more scalable derivative of Bitcoin, Dogecoin is helping groups underserved by legacy financial infrastructure to participate in the financial system.”
The launch comes after Grayscale Research added Dogecoin, alongside 34 other altcoins, to its list of assets under consideration last October. This move signals the potential creation of a Dogecoin-based investment product.
DOGE’s price has tripled over the past year, mostly driven by President Trump’s election victory and the revelation of the Department of Government Efficiency (D.O.G.E.), led by Elon Musk, Tesla CEO and also a known Dogecoin fan.
Several asset managers have filed applications for memecoin ETFs, including those focused on Dogecoin (DOGE). Bitwise Asset Management filed an S-1 registration with the SEC for a Dogecoin ETF.
REX Advisers and Osprey Funds also jointly filed for an ETF that includes Dogecoin among other meme coins. These filings reflect a growing interest in creating ETFs for meme coins like Dogecoin.
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