21Shares, a pioneer in the digital asset management field, has submitted a proposal to the United States Securities and Exchange Commission (SEC) for the establishment of a spot Dogecoin exchange-traded fund (ETF). This action follows the lead of competitors such as Bitwise and Grayscale, who have made similar filings.
The proposed 21Shares Dogecoin ETF aims to track the value of the internet-famous cryptocurrency Dogecoin (DOGEUSD), as stated in the company’s Form S-1 registration document dated April 9. To boost the fund’s marketing efforts, the corporate section of the Dogecoin Foundation, House of Doge, is expected to collaborate with 21Shares.
Although 21Shares has chosen Coinbase Custody to be the intended custodian of its Dogecoin ETF, it has yet to disclose the fee, ticker, or the exchange it will be listed on. In addition, the company needs to submit a 19b-4 filing to the SEC, which will initiate the regulatory approval process for the fund.
Currently, DOGE has a market cap of $24.2 billion, making it the eighth largest cryptocurrency in terms of value. It was initially created in 2013 as a joke, branching from Lucky Coin, which itself is a Bitcoin fork.
The proposed Dogecoin ETF is the latest in 21Shares’ efforts to broaden its range of spot crypto ETF offerings. Currently, its portfolio includes only Bitcoin (BTC) and Ether (ETH). In February, the company filed with the SEC to launch a Polkadot (DOT) ETF, and last year, it filed to create an XRP (XRP) ETF.
The recent wave of crypto ETF proposals signifies issuers’ attempts to see which products might gain approval from the newly appointed SEC leadership, according to Bloomberg ETF analyst James Seyffart. Seyffart and his colleague Eric Balchunas estimated in February that the SEC has a 75% likelihood of greenlighting a spot Dogecoin ETF this year. Meanwhile, betting platform Polymarket currently puts the approval odds at 64%.
On April 9, 21Shares also announced its partnership with House of Doge to launch a fully backed Dogecoin exchange-traded product on the SIX Swiss Exchange. The 21Shares Dogecoin product will be listed under the ticker “DOGE”, with a fee of 2.5%. “Dogecoin has evolved beyond a simple cryptocurrency into a cultural and financial movement that continues to fuel mainstream adoption,” said 21Shares president Duncan Moir. “Our DOGE offering gives investors a regulated avenue to be part of this thrilling journey.”
