Grayscale’s Dogecoin Trust ETF (GDOG) added another custodian on September 29: Anchorage Digital Bank joined, while Coinbase remained the primary custodian. An early October disclosure also noted that the creation and redemption arrangements for authorized participants had expanded from cash-only settlement to allow in-kind settlement—the creation and redemption of shares can now be settled directly using $DOGE . What does a fund splitting its coins between two custodians and allowing settlement in actual coins have to do with people holding DOGE off-exchange? It matters because of the available channels: institutions previously had only one way to move DOGE in and out, via cash; now there’s another route that moves coins between addresses, and custody is spread out rather than concentrated with a single provider. Public reports say about 144.8 million DOGE are held on behalf of the trust, split between the two custodians. #Dogecoin #Crypto $DOGE is not investment advice.