Grayscale Investments announced on Friday the launch of a new investment fund focused on Dogecoin, signaling the cryptocurrency asset manager’s intent to capitalize on the growing interest in alternative digital currencies beyond Bitcoin.
The Grayscale Dogecoin Trust aims to provide investors exposure to Dogecoin, a cryptocurrency that the firm believes has “transitioned from a memecoin… to a tool for global financial inclusion and a viable means of payment.”
“Dogecoin is helping groups underserved by legacy financial infrastructure to participate in the financial system,” said Rayhaneh Sharif-Askary, Grayscale’s head of product and research.
Dogecoin was originally created in 2013 as a parody of Bitcoin, featuring the Shiba Inu dog from an internet meme. Despite its humorous origins, it gained a massive following and is now among the top digital assets by market capitalization. Its popularity has been fueled in part by high-profile endorsements, most notably from Tesla CEO Elon Musk, who has frequently praised the coin on social media and integrated it into some of his companies’ payment systems.
Founded in 2013 and based in Stamford, Connecticut, Grayscale Investments is a leading digital asset manager, offering over 25 cryptocurrency investment products. The firm previously made headlines for converting its Grayscale Bitcoin Trust into a spot Bitcoin ETF, a move that significantly impacted institutional crypto investments.
The newly launched Dogecoin trust is designed to track the token’s market price and is currently open for subscriptions to eligible individual and institutional accredited investors.
As investors continue seeking alternatives to Bitcoin, interest in altcoins—cryptocurrencies that are not Bitcoin—has surged. Dogecoin, now the eighth-largest cryptocurrency with a market capitalization of approximately $50 billion, represents one of the more well-known options for those looking to diversify their crypto portfolios.
Grayscale’s move underscores the increasing legitimacy of Dogecoin in mainstream investment circles.