Grayscale Dogecoin Trust ETF Launches as First U.S. Spot Dogecoin ETF

Davis Polk advised Grayscale Investments in connection with the successful uplisting of the Grayscale Dogecoin Trust ETF. The firm advised on the listing of the Grayscale Dogecoin Trust ETF under the generic listing standards for commodity-based exchange-traded products recently approved by the U.S. Securities and Exchange Commission. The trust is the first spot Dogecoin ETF in the United States and provides one of the few vehicles allowing exposure to Dogecoin through traditional securities brokerage and retirement accounts. Shares of the trust are listed on NYSE Arca under the ticker GDOG. The trust's registration statement became automatically effective 20 calendar days after its filing following Grayscale's removal of the Rule 473 delaying amendment. Dogecoin was created in 2013 as a parody of bitcoin and other digital assets and is widely regarded as the first memecoin, notable for its Shiba Inu mascot and an active community of enthusiasts and investors. Despite its origins, Dogecoin's low transaction fees, efficient processing times and an engaged developer ecosystem have established it as a significant digital asset by market capitalization and trading volume. Davis Polk represented Grayscale Investments with a team composed by: partners Joseph A. Hall and Daniel P. Gibbons and associate Dylan H. Lojac. Partner Zachary J. Zweihorn and associates Justin Levine and Boaz B. Goldwater provided financial institutions advice. The tax team included partners Patrick E. Sigmon and Lucy W. Farr and associates William Liang and Seth Cole. Members of the Davis Polk team are based in the New York and Washington, D.C. offices.

Grayscale Dogecoin Trust ETF Launches as First U.S. Spot Dogecoin ETF

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