Grayscale Investments announced the launch of its Dogecoin-focused investment fund on Friday, aiming to capitalize on the growing interest in altcoins beyond Bitcoin. The Grayscale Dogecoin Trust will provide investors with exposure to the popular cryptocurrency, which the firm says has evolved from a mere “memecoin” to a legitimate financial tool for global transactions.
As investor appetite for alternative digital assets expands, Grayscale sees an opportunity to tap into Dogecoin’s increasing adoption as a means of payment and financial inclusion. Rayhaneh Sharif-Askary, Grayscale’s head of product and research, highlighted Dogecoin’s role in enabling participation in financial systems for underserved communities.
Grayscale, a Connecticut-based crypto asset manager, offers over 25 investment products tied to various digital assets. The new trust, which aims to track Dogecoin’s market price, is available to accredited individual and institutional investors.
Originally created in 2013 as a joke, Dogecoin has gained significant traction, fueled in part by Tesla CEO Elon Musk’s public endorsements. The cryptocurrency now ranks as the eighth-largest digital token, with a market capitalization of approximately $50 billion, according to CoinGecko.
The influence of Dogecoin has also extended into politics, with the Department of Government Efficiency (DOGE), a Musk-led advisory group under the Trump administration, referencing the cryptocurrency in its branding.
