The New York Stock Exchange plans to apply to convert the Grayscale Dogecoin Trust into an ETF

ChainCatcher news, according to Crypto Briefing, the New York Stock Exchange Arca has submitted a 19b-4 form to the U.S. Securities and Exchange Commission, planning to convert Grayscale's Dogecoin Trust into a spot exchange-traded fund. This move comes shortly after Grayscale announced the launch of the Dogecoin Trust Fund, which disclosed that Coinbase Custody Trust Company would serve as the custodian for the Grayscale Dogecoin ETF, while BNY Mellon would be responsible for management and transfer agency duties.

It is reported that the application states: "Similar to Bitcoin and Litecoin, Dogecoin can be used to pay for goods and services, or can be exchanged for fiat currency, such as the U.S. dollar, with the exchange rate determined by digital asset trading platforms, or determined by individual user-to-user transactions under a barter system. In addition, Dogecoin can also be used to pay miners for transaction fees for validating transactions on the Dogecoin network."