In keeping with ETF analyst Nate Geraci, cryptocurrency asset supervisor Grayscale is on observe to launch the very first conventional spot Dogecoin ETF on Monday.
Geraci has opined that the launch of the ETF product, which could appear facetious at first look, is definitely extremely symbolic.
The SEC, which was hostile towards the broader business, is now overtly embracing the cryptocurrency that’s largely perceived as a joke attributable to its meme origins.
The analyst believes that this needs to be seen as the perfect instance of an amazing regulatory shift within the U.S.
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Nevertheless, it needs to be famous that Dogecoin remains to be the tenth greatest cryptocurrency by market capitalization regardless of its meme coin standing. In keeping with CoinGecko, it at present has a market cap of $22.3 billion.
Different Dogecoin ETF proposals
REX Monetary and Osprey Funds have been the primary issuers within the U.S. to launch a quasi-spot Dogecoin ETF. Their product started buying and selling beneath the “DOJE” ticker on Sept. 18.
Nevertheless, it doesn’t supply pure spot publicity, which is why Grayscale’s upcoming launch is at present being handled as a reasonably large milestone.
Bitwise and 21Shares are additionally within the spot Dogecoin ETF race. The latter partnered with the Dogecoin Basis / Home of Doge for this fund.