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Asset investment company Grayscale has now filed the Form S-1 with the US Securities and Exchange Commission (SEC) on its application to offer investors a Dogecoin Spot ETF. This move comes as the securities regulator is expected to communicate its approval decision on the proposed ETF around mid-October 2025.

The Grayscale Dogecoin Trust (DOGE)

In February 2025, the SEC popularly acknowledged the 19-4b form by the New York Stock Exchange to list and trade Grayscale Dogecoin Trust as an exchange-traded fund (ETF). In doing so, the Commission initiated a potential 240-day review of the application, during which the ETF sponsor, i.e., Grayscale, is expected to register the shares of the proposed product.

On August 15, 2025, the asset manager completed this crucial step with the submission of the Form S-1 registration statement for the Grayscale Dogecoin Trust. According to the content of the document, the proposed ETF is structured as a Delaware Statutory Trust, designed to give investors exposure to Dogecoin through a familiar investment vehicle without requiring them to hold or manage the cryptocurrency directly.

The trust issues shares that represent fractional undivided beneficial interests in its underlying Dogecoin holdings, with the value of each share closely tied to the market price of the asset. As with spot ETFs, the Grayscale Dogecoin Trust is physically backed, meaning that every share issued corresponds to actual Dogecoin.

Meanwhile, Coinbase Custody Trust Company acts as the custodian, responsible for safeguarding the trust’s Dogecoin holdings, while Coinbase Inc. and the Bank of New York Mellon (BNY) act as prime broker and administrator/transfer agent of the trust, respectively. In addition, the Trust only accepts cash orders for share creation or redemption. Only authorized participants can create and redeem shares in exchange for the underlying asset, a mechanism designed to keep the share price aligned with the NAV.

DOGE Surges By 5% After Grayscale News

Following Grayscale’s Form S-1 submission, Dogecoin has recorded a 5% price increase, reaching a price point of $0.2334.This latest rally has strengthened the meme token’s bullish structure, pushing its monthly gains to 8.91%.

According to the price forecast site CoinCodex, general sentiment among DOGE investors remains bullish, with the Fear & Greed sitting around 60.

However, Coincodex analysts predict the current market uptick would be short-lived, with projections of $0.224 in five days, followed by a stronger rebound to $0.266 in one month. Meanwhile, their long-term projections tip the memcoin to trade around $0.268 in three months.

Featured image from Pexels, chart from Tradingview

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Meme cryptocurrency may soon be hot as their leader dogecoin

formed a golden cross, hinting at a huge price surge in the future.

A golden cross occurs with a simple moving average of 50 days (SMA) The price of the asset exceeds the 200-day SMA. The crossover shows that the short-term momentum is outweighing the long trajectory and could evolve into a major bull run.

Dogecoin averages bullished early today. Golden Cross is considered a positive indicator, but it has a complex record of predicting trends in most markets, including stocks, Bitcoin and Doge. This makes it less reliable as a standalone indicator.

That said, most of Doge’s previous big moves unfolded with the arrival of Golden Cross. For example, after the Golden Cross happened on November 6th, 2024, the price went from 130% to 46 cents in four weeks. Prices rose 25% in the four weeks since the average became bullish on November 22, 2023.

Similarly, a Golden Cross occurred in early November 2020, marking the start of a major four-month bull run, which saw prices rise above 1,000% in four months.

Let’s see if history repeats itself.

Read more: Sharp 7% Drop sends Doge to 22-cent support with a ton of selloffs

Jeremy Allaire, founder and CEO of Circle, the USD Coin (USDC) issuer that went public this month, called stablecoins the “highest utility form of money ever created” in an X post on June 15. He added, however, that the stablecoin industry is yet to experience a significant disruption.

Programmability of stablecoins will usher in change

Allaire’s comments were a response to an X post by Sam Broner, partner at a16z Crypto, who claimed that “stablecoins are better because they encourage competition.”

Broner noted that with fixed and marginal costs of building a fintech becoming lower, now “anyone can program money.” This means competition, which in turn leads to cheaper and better services that are more accessible, he wrote, adding:

“Speed & cost (< 1 second, 1 cent) matter, but it’s the permissionless programmability that’s going to change the market.”

In other words, stablecoins need to provide less than 1 second speed of transactions, and the cost needs to be around $0.01. However, it is the permissionless programmability that will usher in a revolution.

Stablecoin industry has not reached iPhone moment yet

When Apple launched the first iPhone in 2007, it revolutionized the mobile phone industry, triggering a wave of programmable smartphone adoption. The iPhone moment, therefore, refers to a disruptive innovation that pushes the technology towards widespread adoption.

According to Allaire, the stablecoin industry is yet to reach that tipping point, but he foresees it to be “soon.” At that tipping point, “developers everywhere will realize the power and opportunity of programmable digital dollars on the internet,” he noted.

Several members of the crypto community also believe that stablecoins have yet to go mainstream. One X user named Omar wrote:

“Today, stables are more expensive relative to a range of other choices – leaving a subset of customers who they make sense for [sic] (i.e. those without other options).”

Omar added, however, that he expects the cost of stablecoin transactions to “flip over time.” Another user noted that while stablecoin’s proliferation in the payments space dominated by cards has been minimal so far, it has the potential to grab a significant bulk of the market share in the future.

It is worth noting that just last month, Nobel prize-winning economist Paul Krugman said that “stablecoins do not serve any clearly useful function.”

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April 28th Bitfinex alpha | Bullish momentum begins to form

Bitcoin continues to showcase impressive resilience, rising more than 10% over the past week, surpassing traditional risk assets like the S&P 500. After enduring several weeks of choppy price action and low liquidity, Bitcoin has recovered a low in the $94,000 range. This recovery is supported by a shift in macro-feeling, with new optimism from the US administration about the possibility of tariff easing, leading to a broader risk-on movement across global markets.

Bitcoin also recovered the short-term holder cost base level at around $92,900. This is a critical on-chain pivot level that usually separates the correction phase from the updated bullish momentum. In addition to the positive market structure, the supply rate of profit metrics also rebounded at 87.3%, indicating an increase in market health and investor profitability.

The next few weeks will be very important. We are not yet at the level of complete euphoria. Bitcoin’s ability to maintain these profits over the coming weeks will be key to determining whether a new leg that is high towards the highest ever can be achieved, or if another pullback is being hauled.

Recent US trade policies, particularly high tariff levies on imports from China and other countries, have begun to strain the economy. Initial unemployment claims remain low, with unemployment rates of 4.2%, but there are signs of weakening trust in the labour market.

Wage satisfaction and minimum acceptable salary expectations (reservation wages) have declined sharply, indicating growing concerns about long-term job safety and wage growth.

Meanwhile, durable product orders rose significantly in March, driven primarily by a surge in demand for commercial aircraft. However, the orders for core capital goods, a better indicator of corporate investment, showed little growth, reflecting careful corporate sentiment amidst tariff uncertainty. Companies are slowing down key investments, raising concerns about a potential slowdown in economic momentum later this year.

The US dollar has also weakened due to a decline in confidence in US economic leadership, a major downgrade in GDP forecasts, and a stronger global competition, particularly from Europe. The risk of lower consumer sentiment and the Federal Reserve’s interest rate cuts could accelerate the dollar’s depreciation. Potential repatriation from Japanese investors and intervention by the Bank of Japan could further complicate the dollar’s trajectory.

However, on the positive side, the Federal Reserve aims to ease crypto assets rules, promote innovation and simplify procedures by rescissing previous supervision requirements for the US banking sector, and to promote innovation for banks who want to engage in crypto and dollar token activities. The move shows a more collaborative and adaptive regulatory stance towards the digital asset sector.

In parallel development, Securitize and Mantle launched the MI4 Crypto Index Fund with a $400 million commitment, providing a regulated and diverse exposure to major cryptocurrencies for institutional investors. The partnership reflects the expansion of blockchain integration into traditional finance and advances in asset tokenization.

CME Group has also announced the launch of XRP Futures. This expansion beyond Bitcoin and etheric futures highlights the growing institutional interest in Altcoins, aiming to boost XRP’s liquidity, price discovery and mainstream financial adoption following its settlement with the SEC.

]]> https://earlybirdsinvest.com/bitfinex-alpha-bullish-momentum-begins-to-form/feed/ 0 33960 https://earlybirdsinvest.com/chair-of-cantor-fitzgerald-teams-up-with-tether-softbank-and-bitfinex-to-form-bitcoin-acquisition-firm-report/ https://earlybirdsinvest.com/chair-of-cantor-fitzgerald-teams-up-with-tether-softbank-and-bitfinex-to-form-bitcoin-acquisition-firm-report/#respond Thu, 24 Apr 2025 19:03:13 +0000 https://earlybirdsinvest.com/chair-of-cantor-fitzgerald-teams-up-with-tether-softbank-and-bitfinex-to-form-bitcoin-acquisition-firm-report/

The chair of the brokerage company Cantor Fitzgerald is reportedly creating a consortium with SoftBank, Tether and Bitfinex to take advantage of the booming crypto industry under US President Donald Trump.

Citing people familiar with the matter, the Financial Times reports that Brandon Lutnick, son of US Commerce Secretary Howard Lutnick, is joining hands with the three firms to create a multibillion-dollar Bitcoin (BTC) acquisition vehicle that aims to replicate the success of MicroStrategy, the largest corporate holder of the flagship cryptocurrency.

In January, the special purpose acquisition company called Cantor Equity Partners raised $200 million, which will be used to create a new firm called 21 Capital. The vehicle will also receive $3 billion worth of Bitcoin from the partners.

The stablecoin issuer Tether will contribute $1.5 billion in BTC while the Japanese multinational investment holding company Softbank and the crypto exchange Bitfinex will give $900 million and $600 million, respectively, of the crypto asset.  The investments, valued at $85,000 per BTC, will be converted into shares in 21 Capital at $10 per share.

The vehicle also plans to raise a $350 million convertible bond and a $200 million private placement of equity to buy more Bitcoin.

The sources say the deal will likely be announced in the coming weeks, but caution that it may not push through, or the numbers could change.

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• Grayscale shifts its approach by converting the Solana trust into an ETF, offering a regulated, liquid entry point for crypto exposure amid evolving market trends.
• SEC approval is required before the new structure takes effect.
• Investors gain regulated access without direct asset handling.
• The effort mirrors similar steps with other crypto trusts.
• Broader market trends and technical signals add extra context.

[/su_note]

Grayscale Investments filed an updated S-1 registration form with the U.S. Securities and Exchange Commission (SEC) on Friday, seeking to convert its existing Solana Trust into an ETF listed on NYSE Arca.

Grayscale’s Filing and Proposed Solana ETF Conversion

In its submission, Grayscale outlined plans to rename the trust as the Grayscale Solana Trust ETF, pending regulatory approval.

The filing notes that if the registration becomes effective and shares are approved for listing on NYSE Arca, the trust would transition into an ETF structure.

By turning its Solana Trust into an ETF, Grayscale seeks to offer investors a regulated and more liquid way to gain exposure to Solana (SOL) without needing to directly buy or store the asset.

SEC Review Pending for Solana ETF Conversion

As of the filing date, the SEC had not yet approved the required 19b-4 form, which NYSE Arca submitted on December 3, 2024.

This rule, part of the Securities Exchange Act of 1934, mandates that exchanges file for approval when listing new products like the proposed Solana ETF.

Grayscale acknowledged in the filing that approval is not guaranteed and the conversion process will not proceed without it.

Grayscale’s effort to bring a Solana ETF to market comes amid increasing institutional interest. The move mirrors Grayscale’s earlier conversion of its Bitcoin Trust into an ETF earlier in 2024, after lengthy regulatory delays.

The potential approval of a Solana ETF could mark a shift in how U.S. investors gain access to Solana.

Solana Price Drops Amid Tariff Shock and Technical Signals

While regulatory efforts continue, Solana’s price has responded to broader macroeconomic headwinds.

The cryptocurrency dropped 8% to $115 following former U.S. President Donald Trump’s announcement of new tariffs, which triggered sharp movements across financial markets.

Bitcoin and Ethereum also fell by over 4%, dragging down the broader crypto market.

A technical analyst on X warned that if Solana breaks below a key support level on the weekly chart, they plan to sell the remaining SOL holdings from their previous all-time high exit.

Solana is currently under pressure as technical indicators point to a bearish trend, compounded by macroeconomic uncertainty.

Despite this volatility, institutional interest and ongoing developments—such as Fidelity’s ETF filing—underscore continued interest in Solana’s future utility despite recent price swings.

The post Grayscale Files New S-1 Form for Solana ETF With SEC appeared first on Cryptonews.

Grayscale filed an S-3 Form with the US Securities and Exchange Commission (SEC) on April 1 to register its multi-asset Grayscale Digital Large Cap Fund (GDLC) as an exchange-traded fund (ETF).

Under the Securities Act of 1933, the S-3 form is used by issuers that meet specific reporting requirements to register securities for public sale, either immediately or on a delayed basis.

According to the filing, NYSE Arca submitted a separate 19b-4 application on Oct. 15, 2024, to list GDLC shares. That application remains under SEC review. 

Grayscale said that it would not seek the effectiveness of the registration statement or proceed with any offer unless and until SEC approval is obtained for the NYSE Arca listing.

Notably, the clock for an SEC decision has been running since the 19b-4 filing. The second deadline is May 3, and the final is July 2.

Furthermore, a potential approval for converting GDLC into an ETF could also benefit Bitwise, which has a conversion filing for its Bitwise 10 Crypto Index Fund awaiting regulatory action, and these often happen in batches.

Aligned with the digital asset stockpile

The GDLC is currently composed of the five cryptos mentioned by President Donald Trump when he floated the idea of a digital asset stockpile: Bitcoin (BTC), Ethereum (ETH), XRP, Solana (SOL), and Cardano (ADA). 

However, the fund’s composition is periodically rebalanced, though the manager retains discretion to exclude assets when appropriate. 

Moreover, according to White House “Crypto Czar” David Sacks, the mention of these cryptos has no ulterior motives.

In an interview with Bloomberg Technology, Sacks said the market was reading “a little bit too much” into Trump’s remarks and that the cryptos mentioned by the President were chosen because they are among the largest by market cap.

The Digital Asset Stockpile, consisting of all the altcoins retained by US authorities, was formalized through an executive order signed by Trump on March 7.

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