Grayscale Investments has launched an exclusive investment fund dedicated to Dogecoin (DOGE), marking a significant step for the most popular memecoin by market capitalization. The newly introduced Grayscale Dogecoin Trust provides institutional investors with exposure to DOGE, the native asset of the Dogecoin network, a peer-to-peer cryptocurrency derived from Litecoin, which itself stems from Bitcoin.
The announcement comes at a time when memecoins are gaining mainstream traction. Unlike Bitcoin, Dogecoin operates on a proof-of-work (PoW) blockchain, but with more efficient transaction verification and no supply cap. Rayhaneh Sharif-Askary, Grayscale’s head of product and research, emphasized Dogecoin’s growing significance, stating, “Dogecoin has matured into a potentially powerful tool for promoting financial accessibility.”
Grayscale’s expansion into the memecoin space aligns with a broader industry trend. On January 18, U.S. President Donald Trump’s advisory team launched the Official Trump (TRUMP) memecoin on the Solana network, triggering massive investor interest. The surge in trading activity even caused temporary network congestion on Solana.
Shortly after, on January 21, asset managers Osprey Funds and REX Shares filed to launch exchange-traded funds (ETFs) focused on memecoins, including DOGE, TRUMP, and Bonk. This move underscores the growing institutional demand for exposure to digital assets beyond Bitcoin and Ethereum.
For Grayscale, the Dogecoin Trust is the latest addition to its suite of single-asset crypto investment products. In December 2024, the company launched funds for Lido (LDO) and Optimism (OP) governance tokens, while October 2024 saw the introduction of an Aave (AAVE) fund. Additionally, Grayscale has been actively exploring new assets, evaluating 35 altcoins, including Worldcoin (WLD), Pyth (PYTH), and Rune (RUNE), for potential investment products.
As the largest crypto fund manager, Grayscale oversees nearly $35 billion in assets under management (AUM), primarily through flagship offerings like the Grayscale Bitcoin Trust (GBTC) and Grayscale Ethereum Trust (ETHE). With the introduction of the Dogecoin Trust, Grayscale continues to expand its presence in the evolving crypto investment landscape.
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