Tanahub.com — The crypto company Valour has officially launched the first exchange-traded product (ETP) for Dogecoin (DOGE). The launch was announced by its parent company, DeFi Technologies, on Tuesday, November 26, 2024.
The ETP, which will be traded on Sweden’s Spotlight Stock Market, allows retail and institutional investors to gain exposure to the world’s largest meme coin.
“The launch of the first Dogecoin ETP in the Nordic region is a significant milestone in our mission to democratize access to digital assets. We are thrilled to present a legally regulated product that reflects the dynamics of the Dogecoin market,” said Elaine Buehler, Valour’s Head of Products, in an official statement.
Johanna Belitz, Valour’s Head of Nordics, explained that the surge in Dogecoin demand following the U.S. presidential election was a key reason for launching the product. She also highlighted Tesla CEO Elon Musk’s role in driving investor interest in Dogecoin.
As a prominent Dogecoin supporter, Musk further amplified attention toward the meme coin after being selected as the head of the proposed Department of Government Efficiency (DOGE) by U.S. President-elect Donald Trump.
In addition to Dogecoin, Valour offers products that provide exposure to Sui (SUI), Toncoin (TON), Uniswap (UNI), and Solana (SOL), along with several other altcoins.
DeFi Technologies reportedly manages around $600 million in assets through various crypto-focused strategies. On July 17, Valour launched an ETP for Near Protocol’s native token, NEAR, which is also traded on Sweden’s Spotlight Stock Market.
Unlike Nasdaq in the U.S., which lists thousands of companies and ETFs, the Spotlight Stock Exchange only lists 125 stocks and 25 ETPs. Currently, in the U.S., traditional investment products offering direct exposure to digital asset prices are limited to Bitcoin and Ethereum.
However, according to experts, asset managers are now beginning to consider Solana and XRP for ETFs in the U.S. Dogecoin is expected to become part of Wall Street’s investment portfolios in the future.
The meme coin market has become one of the fastest-growing sectors in crypto in 2024, partly thanks to the meme coin minting platform Pump.fun, which has also played a significant role in the revival of Solana’s (SOL) blockchain network.
Launched in 2013, DOGE was initially created as a parody of Bitcoin but now boasts a market capitalization of approximately $55 billion.
Dogecoin operates on its own proof-of-work (PoW) blockchain, which is similar to but less complex than Bitcoin. It does not support smart contracts, and its coin supply has no upper limit.