Grayscale Files Amended S-1 to Convert Dogecoin Trust into GDOG ETF

Grayscale has submitted an amended Form S-1 to the U.S. Securities and Exchange Commission to convert the Grayscale Dogecoin Trust, a closed-end product, into a spot exchange-traded fund listed on NYSE Arca under the ticker GDOG. If approved, the ETF would employ the standard creation/redemption mechanism designed to keep market prices closer to net asset value, potentially reducing the persistent premiums or discounts common to closed-end trusts.

The proposed fund would continue to hold DOGE directly and track its market value minus expenses, while authorized participants facilitate primary-market liquidity. A conversion could broaden access to Dogecoin exposure through traditional brokerage accounts, offering intraday trading and operational simplicity versus buying and storing the token outright.

Approval remains pending. The SEC must clear both the registration statement and related exchange rule matters before trading can begin, and no effective date has been set. Key items to watch include any updated fee disclosures, custody and surveillance-sharing details, and further amendments during the review process.

For investors, GDOG would present a regulated wrapper for DOGE with familiar ETF mechanics—but it would still carry the risks inherent to digital assets, including high volatility, regulatory uncertainty, and potential tracking differences due to expenses and market structure.