Dogecoin • Co z tym Doge`iem?

The asset manager said the token has transitioned from a memecoin to a tool for global financial inclusion.

By Helene Braun|Edited by Stephen Alpher
Updated Jan 31, 2025, 3:04 p.m. UTCPublished Jan 31, 2025, 1:45 p.m. UTC

Grayscale ad in NYC (Nikhilesh De/CoinDesk)
Grayscale to add Dogecoin Trust to its lineup (Nikhilesh De/CoinDesk)

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 dogecoin (DOGE), 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.