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Grayscale will launch the first U.S. spot Dogecoin ETF on Monday, marking the SEC’s first approval of a fund directly backed by a meme-based cryptocurrency.
The product provides regulated exposure to Dogecoin, currently the 10th-largest cryptocurrency with a $22.3 billion market cap, and represents a significant regulatory shift for assets the commission previously dismissed.
ETF analyst Nate Geraci called the approval “incredibly symbolic,” noting it signals the SEC’s acknowledgment of meme coins’ market power despite their origins as internet jokes. Rival firms Bitwise and 21Shares have filed competing applications following Grayscale’s approval.
Cryptocurrency asset manager Grayscale is officially on track to launch the first traditional spot Meme coin ETF, centered around Dogecoin, on Monday. The move has been hailed as a pivotal moment for the industry.
“This is a much bigger deal than people realize,” said Nate Geraci, President of ETF Store, and one of the most respected ETF analysts in the U.S.
“A Meme coin ETF may sound humorous, but its approval is incredibly symbolic. It shows the SEC is finally acknowledging the cultural and market power of assets it once dismissed.”
Geraci emphasized that the U.S. Securities and Exchange Commission—historically hostile toward the crypto industry—publicly greenlighting a meme-inspired asset represents a massive departure from its previous stance.
Dogecoin may be rooted in internet humor, but its numbers tell a staggering story. Despite its “joke” origins, Dogecoin remains the 10th-largest cryptocurrency by market cap, currently valued at $22.3 billion, according to CoinGecko.
That kind of scale reinforces the relevance of a spot Meme coin ETF, giving institutional and retail investors a regulated way to gain exposure to Dogecoin without direct custody.
Industry economist Lily Knight notes, “There’s nothing funny about a $22 billion asset attracting institutional-grade investment vehicles. The Meme coin ETF era validates a market reality—meme assets have become mainstream.”
REX Financial and Osprey Funds were the first to attempt a Dogecoin exposure product in the U.S., launching a quasi-spot ETF under the ticker DOJE back on Sept. 18. However, the fund lacked pure spot exposure—an essential feature for true institutional-grade investment.
That’s why Grayscale’s spot Meme coin ETF is being treated as a major milestone rather than simply another ticker symbol.
Geraci added, “Investors want real exposure to the underlying asset. Grayscale’s product finally delivers that.”
The excitement around the Meme coin ETF surge has sparked a race among major issuers. Both Bitwise and 21Shareshave entered the competition with their own spot Dogecoin ETF filings.
Most notably, 21Shares partnered directly with the Dogecoin Foundation and House of Doge, adding legitimacy, branding strength, and insider alignment to their application.
Crypto strategist Maria Chen says competition is good for the market: “We’re witnessing the start of a multi-issuer marketplace where the Meme coin ETF category could expand rapidly. This is just the beginning.”
While traditional investors may scoff, market experts argue that the launch of the first spot Meme coin ETF represents a turning point for American crypto oversight.
The SEC’s willingness to embrace a meme-driven asset underscores a broader evolution in how regulators view digital assets in the modern economy.
Chen concluded, “It’s not just about Dogecoin. It’s about regulatory maturity. The Meme coin ETF is a signal that the U.S. is ready to align with global crypto innovation—finally.”
