Grayscale Poised to Debut Dogecoin ETF as VanEck’s Solana Fund Starts Trading

A Grayscale exchange-traded fund monitoring the favored Dogecoin (DOGE) meme coin may start buying and selling subsequent Monday, probably including to a rising checklist of U.S.-listed altcoin-focused merchandise out there to traders.

The Grayscale Dogecoin Belief (DOGE), a conversion from an current fund, would commerce on the the New York Inventory Alternate. Grayscale amended its S-1 prospectus earlier this month, triggering a countdown to its starting, though NYSE should nonetheless file a discover for the itemizing.

“We’ll see, will not be 100% [’til] alternate discover, however based mostly on SEC steerage, it seems good,” Bloomberg Senior ETF Analyst Eric Balchunas wrote in an X put up Monday

Grayscale’s ETF would increase a current small flurry of exercise within the altcoin ETF market. Bitwise’s Dogecoin-tracking ETF may additionally begin buying and selling later this month, based mostly on the timing of an SEC submitting in early November.



On Monday, fund big VanEck debuted its Solana ETF (VSOL), which follows the value of the sixth-largest cryptocurrency by market worth.

VSOL follows the itemizing of Canary Capital’s spot XRP ETF (XRPC), which opened final week with $58 million in first-day buying and selling quantity, the strongest debut of any ETF this yr. That fund’s launch adopted the roaring begin of the Bitwise Solana Staking ETF (BSOL), which racked up $57 million on its first day in late October, in response to Bloomberg knowledge, and already manages greater than $550 million in belongings.

The Rex-Osprey DOGE ETF (DOJE) landed within the high 5 for buying and selling volumes when it hit the market in September, and the issuers have already utilized for a riskier, leveraged model of the fund. DOJE and a Rex-Osprey XRP fund (which additionally began strongly) provide traders publicity to the 2 altcoins through a subsidiary registered within the Cayman Islands that’s wholly owned and managed by the fund.

“We’ll proceed to see new ETF merchandise enter the market,” Ric Edelman, founding father of the Digital Belongings Council of Monetary Professionals, informed Decrypt. “It gained’t be a surge, however a gentle tempo as {the marketplace} will increase its curiosity in and acceptance of crypto as a legit asset class value of inclusion in diversified portfolios.”

The promising ETF begins have come whilst crypto markets and investor confidence have sagged. Bitcoin just lately fell beneath $92,000, its lowest degree since late April, in response to knowledge supplier CoinGecko. The most important crypto by market worth is off greater than 13% over the past week. Solana is down greater than 22% for a similar interval, whereas XRP and DOGE have dropped about 16% every.

In a Myriad prediction market, 64% of respondents anticipate Bitcoin’s subsequent transfer will probably be dropping to $85,000 slightly than rising to $115,000, a reversal of trendlines from final week that displays the rising pessimism about crypto markets. Myriad is a unit of Dastan, the mum or dad firm of an editorially impartial Decrypt.

However the urge for food for funds based mostly on particular person altcoins, combos of tokens and techniques. has remained robust. The SEC is presently weighing about 90 digital asset purposes from the crypto and conventional finance worlds.

These corporations have been seeking to tackle investor curiosity in these merchandise following the dramatic success of spot Bitcoin and Ethereum ETFs that started buying and selling final yr and now oversee $134 million and $19 million in investments.

Edelman does not consider that the current crypto market downturn will impression the urge for food for ETFs.

“If something, they may speed up their launches, as a result of launching when costs are low makes the funds’ performances look higher as soon as costs rise,” he defined.