SEC Debates Listing Dogecoin Trust on NYSE Arca
Published Date: 5/27/2025
Notice
Summary
The SEC is deciding whether to approve NYSE Arca’s plan to list and trade shares of the Grayscale Dogecoin Trust, a new way for investors to buy into Dogecoin through the stock market. This affects investors interested in cryptocurrency and could open up fresh trading options soon. The SEC’s decision deadline is May 21, 2025, so stay tuned for a possible new crypto investment on the exchange!
Analyzed Economic Effects
3 provisions identified: 2 benefits, 0 costs, 1 mixed.
Possible NYSE Arca Listing of DOGE Trust
The SEC is considering whether to allow NYSE Arca to list and trade shares of the Grayscale Dogecoin Trust, which would let investors buy exposure to Dogecoin (DOGE) through exchange-traded shares. The Commission set May 21, 2025 as the date by which it must approve or disapprove or institute proceedings; the SEC is soliciting public comments (comments due June 17, 2025; rebuttals due July 1, 2025).
How Trust Share Value Is Determined
If listed, the Trust's assets will consist solely of DOGE and the value of its shares is intended to reflect the U.S. dollar value of DOGE as measured by the CoinDesk Dogecoin Price Index (DCX) calculated at 4:00 p.m. New York time each business day. The Trust will create and redeem shares in cash with authorized participants in one or more blocks of 10,000 shares.
SEC Review for Fraud and Manipulation Concerns
The SEC has instituted proceedings to analyze whether the proposed listing is consistent with Section 6(b)(5) of the Securities Exchange Act, which requires exchange rules be designed to prevent fraudulent and manipulative acts and to protect investors and the public interest. The Commission is seeking public comment on whether listing shares that would hold DOGE raises new or novel concerns.
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