Grayscale Introduces Dogecoin Investment Fund
03 Feb, 2025 ● Tin tức Crypto
Grayscale Investments has introduced a new investment fund for Dogecoin, the leading memecoin by market capitalization, the asset manager announced on Jan. 31.
The Grayscale Dogecoin Trust provides institutional investors with exposure to “the native coin of the Dogecoin network, an open-source peer-to-peer digital currency originally derived from Litecoin, which itself originated from Bitcoin,” according to Grayscale.
The trust is exclusively available to institutional investors.
Dogecoin operates on a proof-of-work (PoW) blockchain similar to that of Bitcoin but features a less resource-intensive transaction verification process and has no cap on the total DOGE supply.
“Dogecoin has matured into a potentially powerful tool for promoting financial accessibility,” stated Rayhaneh Sharif-Askary, Grayscale’s head of product and research.
The launch of this fund coincides with a growing wave of interest in memecoins, even among traditional asset managers.
On Jan. 18, U.S. President Donald Trump’s advisory team introduced the Official Trump (TRUMP) memecoin on the Solana network ahead of Trump’s presidential inauguration.
The TRUMP memecoin release triggered a surge in investor activity, leading to network congestion on Solana that lasted for several days.
On Jan. 21, asset management firms Osprey Funds and REX Shares submitted filings to create exchange-traded funds (ETFs) for memecoins, including DOGE, TRUMP, and Bonk.
For Grayscale, the DOGE fund is the latest addition to its lineup of single-asset cryptocurrency investment products.
In December, the company launched two investment funds for Lido’s governance token (LDO) and Optimism’s governance token (OP).
Earlier, in October, Grayscale introduced an investment fund focused on the governance token of Aave.
Additionally, the asset manager expanded its list of potential future investment products in August by adding approximately 35 altcoins, including Worldcoin, Pyth, and Rune, to its “under consideration” category.
That same month, Grayscale launched three trusts dedicated to the native protocol tokens of Sky (formerly MakerDAO), Bittensor, and Sui.
Grayscale remains the world’s largest crypto fund manager, overseeing nearly $35 billion in assets under management as of December.
The firm is widely recognized for its Bitcoin and Ethereum exchange-traded funds, including the Grayscale Bitcoin Trust (GBTC) and Grayscale Ethereum Trust (ETHE).
Sources:
https://cointelegraph.com/news/grayscale-launches-dogecoin-investment-fund
