Key takes
NYSE ARCA has submitted a 19B-4 form and converted GraysCale’s Dogecoin Trust into a fund that traded with Exchange. GraysCale is trying to expand the provision of ETFs along with the proposal of XRP and Litecoin ETFs, along with spot bitcoin and Ethernereum ETF.
Please share this article
NYSE ARCA submits 19B-4 form to the SEC and demands approval of changing rules for list and trading Grayscale’s SPOT Dogecoin ETF shares. This movement will be made promptly after GrayScale announced today’s Dogecoin Trust.
“Like bitcoin and retcoin, doge can be used to pay products and services. User transactions can be converted to the FIAT currency, and the DOGE is used to verify the transaction fee with the DOGECOIN network. I read
The proposed ETF provides Dogcoin exposure to investors without direct ownership requirements. Coinbase Custom Trust Company serves as an administrator, and BNY Mellon handles management and duties for the transfer agent.
19B-4 filing is a regulation requirement for a new ETF list. SEC has 45 days from the publication of the federal registration book to confirm and make a decision. Regulatory authorities can approve, discount, or start the procedure to determine whether the rules will be dismissed or not. This review period may be extended to 90 days if the SEC provides inference or if NYSE ARCA agrees.
Grayscale has expanded ETF initiatives, has recently converted XRP Trust to ETF and pursued ETFs related to other major Altcoins such as LiteCoin and Solana.
Last year, the asset manager won last year, after receiving a groundbreaking legal victory in August 2023, in August 2023, who ruled that the previous refusal of SEC’s GrayScale’s SPOT Bitcoin ETF was “Arbitrary -meaning and whimsical.” Ensured the approval of regulatory authorities in Bitcoin and Ethereum ETF.
Initially, the company had dismissed the SEC decision in 2022 after a regulatory authority refused to convert the GBTC fund to a spot -coin ETF.
Dogecoin ETF racing gets hot when filing increases
Competition to launch Dogecoin ETFs in the United States is intensifying, and multiple companies are competing for the approval of regulatory authorities. On Tuesday, Bitwise was submitted to the SEC and launched a unique investment product that tracks the spot prices. Douge, The world’s largest Memcoin with a market capitalization.
“I have never heard of the launch of trust, but I’m looking for a conversion to ETF on the same day,” said Bloomberg ETF analyst Eric Barknas ETF of Grayscale’s Dogecoin Trust. I commented on the movement to convert.
Dogecoin and litecoin may have regulated benefits compared to ETF that tracks Solana and XRP. DOGE and LTC may simplify the path to ETF approval, not the legal dispute with the SEC.
As mentioned earlier by Balchunas, the first Altcoin ETF approved under Trump may be litecoin.
Please share this article
