Asset manager Grayscale launched a Dogecoin Trust early Friday morning, offering institutional and accredited investors the opportunity to allocate to crypto’s original meme coin.

Known for its spot Bitcoin and Ethereum ETFs, which also began as private placements, Grayscale believes the $49.7 billion meme coin is no longer a laughing matter.

The firm believes that Dogecoin has morphed over the years from a simple meme coin to a “tool for global financial inclusion, grassroots activism, and a viable means of payment,” according to a press release.

With a now seemingly crypto-friendly Securities and Exchange Commission under President Donald Trump, asset managers have filed