Key Takeaways
- NYSE Arca filed a 19b-4 type to transform Grayscale’s Dogecoin Belief to a spot exchange-traded fund.
- Grayscale seeks to broaden its ETF choices, together with proposals for XRP and Litecoin ETFs alongside its spot Bitcoin and Ethereum ETFs.
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NYSE Arca has filed a 19b-4 type with the SEC, searching for approval for a rule change to listing and commerce shares of Grayscale’s spot Dogecoin ETF. The transfer comes swiftly after Grayscale introduced the launch of its Dogecoin Belief earlier in the present day.
“Just like Bitcoin and Litecoin, DOGE can be utilized to pay for items and companies or will be transformed to fiat currencies, such because the U.S. greenback, at charges decided on Digital Asset Buying and selling Platforms or in particular person end-user-to-end-user transactions below a barter system. Moreover, DOGE is used to pay for transaction charges to miners for verifying transactions on the Dogecoin Community,” the submitting learn.
The proposed ETF would offer traders with Dogecoin publicity with out direct possession necessities. Coinbase Custody Belief Firm would function custodian, whereas BNY Mellon would deal with administration and switch agent duties.
The 19b-4 submitting is a regulatory requirement for brand new ETF listings. The SEC has 45 days from Federal Register publication to assessment the submitting and decide. The regulator can approve, disapprove, or provoke proceedings to find out whether or not to disapprove the rule change. This assessment interval could also be prolonged to 90 days if the SEC gives reasoning or if NYSE Arca agrees.
Grayscale has expanded its ETF initiatives, lately making use of to transform its XRP Belief into an ETF and pursuing ETFs tied to different main altcoins like Litecoin and Solana.
The asset supervisor secured regulatory approvals for spot Bitcoin and Ethereum ETFs final yr, following a landmark authorized victory in August 2023 when a courtroom dominated the SEC’s earlier rejection of Grayscale’s spot Bitcoin ETF proposal as “arbitrary and capricious.”
The agency had initially contested the SEC’s choice in 2022 after the regulator rejected its proposal to transform the GBTC fund right into a spot Bitcoin ETF.
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