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American crypto asset manager Grayscale Investments has introduced its first Dogecoin Trust in a bid to expand its digital asset offerings. According to its announcement, the new product will offer investors a direct way to gain exposure to DOGE, the native coin of the Dogecoin network.
Grayscale boosts DOGE to corporate buyers
Grayscale Investments highlighted the attraction to DOGE as one of the original coins that emanated from Litecoin. Since its inception, Grayscale emphasized that Dogecoin has garnered significant adoption worldwide.
"Grayscale Dogecoin Trust offers investors exposure to an asset positioned to help fulfill Bitcoin’s originally intended use case and its egalitarian ethos," said Grayscale’s Head of Product & Research, Rayhaneh Sharif-Askary.
Despite its recognition as a retail-focused offering, Grayscale Investments said the Dogecoin Trust has limited accessibility. It confirmed that the product will only be available to accredited investors and follows guidelines.
Since it pioneered a Bitcoin ETF listing in January 2023, Grayscale has continued to expand its suite of accredited products. Ultimately, the firm introduced different crypto trusts, including one tracking XRP, which was unveiled in September 2024.
In addition, it has filed for numerous ETF products like the Bitcoin Miners ETF lodged earlier this week.
Dogecoin in spotlight
Under a new U.S. SEC administration, the push for new crypto ETF products has grown. Even meme coins are now gaining attention from asset managers around the world. However, Dogecoin has continued to dominate the meme coin ETF scene amid this shift.
As reported earlier by U.Today, Dogecoin ETF filings have soared remarkably in recent times, pushing the approval odds for the products to 56% as of Jan. 29.
Meanwhile, Grayscale introduced the DOGE Trust when the coin price was in consolidation mode. The Grayscale Dogecoin Trust is, however, returning the sentiment, with the price now up 2.4% in 24 hours to $0.3366.
Dan Burgin
U.Today Editorial Team
