Dogecoin ETF Revolution: What Investors Need to Know
Grayscale, a cryptocurrency asset management firm, is planning to introduce the first conventional spot Dogecoin ETF, according to ETF expert Nate Geraci. Monday is the anticipated date of the launch. According to Geraci, the introduction of the ETF product—which at first glance may appear facetious—is actually very meaningful.
Dogecoin Gains SEC Backing Amid Regulatory Shift
The SEC has shifted its position from being antagonistic to the larger cryptocurrency market. It is now publicly supporting Dogecoin, a cryptocurrency that is largely seen as a joke because of its meme roots. According to the expert, this is the best illustration of a significant regulatory change in the United States. Despite being a meme coin, Dogecoin is still the ninth-largest cryptocurrency by market capitalization. Its current market capitalization is $22 billion, according to CoinMarketCap.
Grayscale to Deliver True Spot Exposure for Dogecoin
The first US issuers to introduce a quasi-spot Dogecoin ETF were REX Financial and Osprey Funds. On September 18, their product started trading under the “DOJE” ticker. It does not, however, provide spot-only exposure. For this reason, Grayscale’s impending launch is widely regarded as a significant turning point.
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