Attention, fellow meme enthusiasts! Grayscale Investments has just launched an investment fund for Dogecoin (DOGE), the most popular memecoin by market cap, the asset manager said on Jan. 31.
Grayscale Dogecoin Trust offers investors exposure to “the native coin of the Dogecoin network, an open-source peer-to-peer digital currency originally derived from Litecoin, which itself originated from Bitcoin,” Grayscale said. The trust is only available to institutional investors. 😜
Dogecoin operates on a proof-of-work (PoW) blockchain network similar to Bitcoin’s but with less computationally intensive transaction verifications and no upper limit on the total DOGE supply. 🐕🦺
“Dogecoin has matured into a potentially powerful tool for promoting financial accessibility,” Rayhaneh Sharif-Askary, Grayscale’s head of product and research, said in a statement.
Memecoin frenzy
The new fund comes amid a frenzy of interest in memecoins, including among traditional asset managers. 🤑
On Jan. 18, US President Donald Trump’s advisory team launched the Official Trump (TRUMP) memecoin on the Solana network ahead of Trump’s presidential inauguration.
The TRUMP launch sparked a frenzy among investors, bringing so much activity to Solana that the network suffered bouts of congestion for days. 🚧
On Jan. 21, asset managers Osprey Funds and REX Shares filed to launch exchange-traded funds (ETFs) for memecoins including DOGE, TRUMP, and Bonk (BONK).
Expanding the suite of crypto funds
For Grayscale, the new DOGE fund adds to its suite of single-asset crypto investment products. 💸
In December, Grayscale launched two new investment funds for Lido and Optimism’s governance tokens — LDO (LDO) and OP (OP), respectively.
In October, it launched an investment fund for Aave’s governance token, AAVE (AAVE). It also added around 35 altcoins — including Worldcoin (WLD), Pyth (PYTH) and Rune (RUNE) — to a list of assets that are “under consideration” for future investment products. 🔍
In August, Grayscale launched three trusts to invest in the native protocol tokens of Sky (previously MakerDAO), Bittensor and Sui.
Grayscale is the world’s largest crypto fund manager by assets under management, with nearly $35 billion in AUM as of December.
It is best known for its Bitcoin (BTC) and Ether (ETH) exchange-traded funds, including the Grayscale Bitcoin Trust (GBTC) and Grayscale Ethereum Trust (ETHE).
Read More
- OM/USD
- Carmen Baldwin: My Parents? Just Folks in Z and Y
- Solo Leveling Season 3: What You NEED to Know!
- Jellyrolls Exits Disney’s Boardwalk: Another Icon Bites the Dust?
- Despite Strong Criticism, Days Gone PS5 Is Climbing Up the PS Store Pre-Order Charts
- Solo Leveling Season 3: What Fans Are Really Speculating!
- The Perfect Couple season 2 is in the works at Netflix – but the cast will be different
- Disney’s ‘Snow White’ Bombs at Box Office, Worse Than Expected
- Netflix’s Dungeons & Dragons Series: A Journey into the Forgotten Realms!
- Joan Vassos Reveals Shocking Truth Behind Her NYC Apartment Hunt with Chock Chapple!
2025-01-31 23:49