Odaily News NYSE Arca has filed a Form 19b-4 with the U.S. Securities and Exchange Commission, planning to convert Grayscale's Dogecoin Trust into a spot exchange-traded fund. The move came quickly shortly after Grayscale announced the launch of the Dogecoin Trust, disclosing that Coinbase Custody Trust Company will serve as the custodian of the Grayscale Dogecoin ETF, while Bank of New York Mellon will be responsible for administration and transfer agent duties.
It is reported that the application stated: "Similar to Bitcoin and Litecoin, Dogecoin can be used to pay for goods and services, or can be exchanged for legal currency, such as the US dollar, and the exchange rate is determined by the digital asset trading platform or by a single end-user to end-user transaction under a barter system. In addition, Dogecoin can also be used to pay transaction fees to miners for verifying transactions on the Dogecoin network." (Cryptobriefing)