Digital asset manager Grayscale unveiled a Dogecoin Trust Friday, expanding its crypto offerings.

Originally launched as a joke, Dogecoin (DOGE) has evolved over time, growing to become the eighth largest crypto asset by market cap behind support from Elon Musk.

Grayscale offered bitcoin and ether as trusts too, before the U.S. Securities and Exchange Commission (SEC) allowed spot exchange-traded funds (ETFs) for the two cryptocurrencies. Once the approval came through, Grayscale converted the trusts to spot ETFs.

In fact, the regulator has already received at least one application for a DOGE ETF from Bitwise. Investopedia did not immediately clarify if Grayscale plans to convert this new DOGE Trust into an ETF should the regulator approve such products, but a company spokesperson said that the "Grayscale Dogecoin Trust aims to simplify the investment process" for investors to buy DOGE.

Unlike ETFs that are accessible to most investors, this Grayscale trusts is a private placement available only to accredited investors as it could be less liquid and carries higher risk. It also charges higher management fees of 2.5% compared to ETFs.

And its not just optimism around regulatory clarity under the Trump administration, meme coins are also having a moment, especially with Trump launching his own memecoin just prior to taking office With a market cap nearing $50 billion, Dogecoin remains the most prominent meme coin on the market. Dogecoin is up 3% year-to-date and more than 300% over the past year.