According to ETF analyst Nate Geraci, cryptocurrency asset manager Grayscale is on track to launch the very first traditional spot Dogecoin ETF on Monday.
Geraci has opined that the launch of the ETF product, which might seem facetious at first glance, is actually highly symbolic.
The SEC, which used to be hostile toward the broader industry, is now openly embracing the cryptocurrency that is mostly perceived as a joke due to its meme origins.
The analyst believes that this should be viewed as the best example of a tremendous regulatory shift in the U.S.
However, it should be noted that Dogecoin is still the 10th biggest cryptocurrency by market capitalization despite its meme coin status. According to CoinGecko, it currently has a market cap of $22.3 billion.
Other Dogecoin ETF proposals
REX Financial and Osprey Funds were the first issuers in the U.S. to launch a quasi-spot Dogecoin ETF. Their product began trading under the "DOJE" ticker on Sept. 18.
However, it does not offer pure spot exposure, which is why Grayscale's upcoming launch is currently being treated as a rather big milestone.
Bitwise and 21Shares are also in the spot Dogecoin ETF race. The latter partnered with the Dogecoin Foundation / House of Doge for this fund.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team