The U.S. may soon see a spot Dogecoin ETF, as 21Shares officially files for approval.
Crypto asset manager 21Shares has entered the fray with Bitwise and Grayscale by submitting an initial SEC filing for a spot Dogecoin ETF.
To offer a spot Dogecoin ETF, 21Shares has requested approval from the U.S. Securities and Exchange Commission, mirroring actions recently taken by Bitwise and Grayscale.
The ETF by 21Shares will reflect Dogecoin’s price, according to an April 9 registration statement, with House of Doge, an entity affiliated with the Dogecoin Foundation, partnering to market the fund.
Coinbase Custody will serve as the custodian for 21Shares’ Dogecoin ETF, though the filing omits information on fees, the ticker, and the target stock exchange.
21Shares still needs to submit a 19b-4 filing to the SEC to formally begin the approval process for the ETF.
Dogecoin, which started as a joke in 2013, now boasts a $24.2 billion market cap, making it the eighth biggest cryptocurrency. It stems from Lucky Coin, a Bitcoin derivative.
21Shares’ move to launch a Dogecoin ETF expands its spot crypto ETF portfolio, which currently includes only Bitcoin and Ether funds.
In February, the issuer filed for a spot Polkadot ETF, adding to last year’s attempt to establish a spot XRP ETF.
Bloomberg ETF analyst James Seyffart said in February that the flood of crypto ETF filings illustrates a “spaghetti cannon approach,” with issuers probing the boundaries of what the SEC’s new leadership might approve.
“Issuers will try to launch many many different things and see what sticks,” Seyffart said.
Bloomberg’s Seyffart and Balchunas predicted a 75% chance for the SEC to approve a spot Dogecoin ETF this year, while Polymarket gave it a 64% chance.
On April 9, 21Shares announced its collaboration with House of Doge to bring a fully-backed Dogecoin exchange-traded product to the SIX Swiss Exchange.
21Shares will trade the Dogecoin product under the “DOGE“ ticker on the SIX Swiss Exchange, with an associated fee of 2.5%.
21Shares president Duncan Moir said that Dogecoin “has become more than a cryptocurrency: it represents a cultural and financial movement that continues to drive mainstream adoption, and DOGE offers investors a regulated avenue to be part of this exciting project.”
In November 2024, Valour launched a dogecoin Exchange Traded Product (ETP), the first-ever in the Nordic region. Listed on the Sweden Spotlight Stock Market, the product offered traders and investors a new way to gain exposure to Dogecoin. Valour Inc. is a subsidiary of DeFi Technologies.
