Valour, an asset manager and a subsidiary of crypto firm DeFi Technologies, has announced the maiden launch of a Dogecoin ETP.
Dogecoin news today: In a press release on Tuesday, Valour disclosed that traditional investors can now access a financial vehicle that tracks Dogecoin’s market performance. Termed the Dogecoin Valour ETP, the fund gives users alternative exposure to the largest meme coin by market cap.
The Dogecoin exchange-traded product is the first of its kind in the Nordics and would track the $58 billion capped meme coin. Notably, the fund will be available for trading on the Swedish-based Spotlight Stock Exchange, Avanza, and Nordnet.
Valour Launch Dogecoin ETP Amid as Traction Grows
The asset manager mentioned that the Valour Dogecoin ETP is a product of growing retail and institutional attention towards the token. It insisted that Dogecoin is among the assets that gained mainstream traction in the wake of Donald Trump’s emergence as the next US president.
Valour also emphasized Elon Musk’s influence on Dogecoin’s growing popularity. The X owner’s comments around the leading meme coin ensured it grew extensively following Trump’s win, surging over 200% at one point.
As a result, Valour suggested that Dogecoin would be a great asset for investors seeking portfolio diversification. The asset manager argued that the fund averts the “complexity of direct cryptocurrency ownership” with a competitive 1.9% management fee.
Dogecoin’s Growing Popularity
Meanwhile, influence from notable personalities and its vibrant community has made Dogecoin one of the fastest-growing assets in the crypto space. The leading meme coin recently attained a market cap of over $65 billion, briefly overtaking XRP to sit 6th in the global cryptocurrency rankings. However, it has relinquished this position.
Following the launch of the Dogecoin ETP, speculations have swelled that a spot ETF could be underway. Notably, Bloomberg’s senior ETF analyst, Eric Balchunas, stated he is surprised no issuer has filed for the fund yet.
However, ETF Store president Nate Geraci described a DOGE ETF filing as a marketing stunt. He noted it would be an attempt to gain the attention of the crypto community other than for financial gains.
Notably, Dogecoin remained largely unaffected by the development at press time amidst presiding market bearish momentum. At the time of writing, the meme coin trades at $0.3924, up less than 1% in the past 24 hours.
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