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Grayscale Files for Spot Dogecoin ETF With NYSE
In a recent development, Grayscale has taken a significant step by filing a 19b-4 form with the Securities and Exchange Commission (SEC) to get approval for listing and trading shares of its spot Dogecoin ETF on the New York Stock Exchange (NYSE). This move comes after the announcement of the creation and launch of Grayscale Dogecoin Trust.
As per the proposed ETF, investors will be able to gain exposure to Dogecoin without directly owning it. To ensure the smooth functioning of the ETF, Coinbase Custody Trust Company has been appointed as the custodian, while BNY Mellon will handle administrative and transfer duties.
The filing of a 19b-4 form is an essential step for new ETF listings. Following this filing, the SEC has a 45-day window to review and decide whether to approve, disapprove, or initiate proceedings to disapprove the rule change. If required, the review period can be extended up to 90 days by either providing reasoning or gaining agreement from NYSE Arca.
It is noteworthy that Grayscale is intensifying its ETF efforts, having recently applied to convert its XRP Trust into an ETF and actively pursuing ETFs for significant altcoins like Litecoin and Solana.
Source: coinpedia.org
