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Grayscale Unveils New Dogecoin Trust
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. Published Jan 31, 2025, 1:45 p.m.
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 , 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.”
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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.
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