21Shares Files For Spot Dogecoin ETF In U.S.

21Shares, a prominent digital asset manager, has filed with the U.S. Securities and Exchange Commission (SEC) to launch a spot Dogecoin exchange-traded fund (ETF). This filing follows similar moves by rivals Bitwise and Grayscale, positioning 21Shares as the third entity to seek approval for a Dogecoin ETF. The proposed ETF aims to track the price of Dogecoin (DOGE), a meme coin created in 2013 as a joke and a fork of Lucky Coin, which itself is a fork of Bitcoin.

The 21Shares Dogecoin ETF would be assisted in marketing by the Dogecoin Foundation’s corporate arm, House of Doge. Coinbase Custody has been proposed as the custodian for the ETF, ensuring the security and management of its assets. However, specific details such as the fee, ticker, and the exchange on which it would be listed have not been disclosed.

To proceed with the approval process, 21Shares must file a 19b-4 form with the SEC. This step is crucial as it officially initiates the regulatory review for the fund. The success of the ETF launch is contingent on the effectiveness of the Form S-1 and the approval of the Form 19b-4 filing by the SEC.

This filing by 21Shares represents a significant institutional push for Dogecoin, underscoring the growing interest and investment in the meme coin. The potential approval of a spot Dogecoin ETF could provide a bullish outlook for the cryptocurrency, offering institutional investors a regulated and accessible way to invest in Dogecoin. This move could drive further adoption and inflows into the Dogecoin ecosystem, potentially leading to increased market activity and price appreciation.

21Shares’ proposed Dogecoin ETF is part of the company’s broader effort to expand its spot crypto ETF offerings. Currently, the firm offers spot Bitcoin (BTC) and Ether (ETH) funds. In February, 21Shares filed with the SEC to launch a spot Polkadot (DOT) ETF, and last year, it filed to create a spot XRP (XRP) ETF. These filings reflect a strategic approach by issuers to test which products the new SEC leadership might approve, often referred to as a “spaghetti cannon approach.”

In addition to its U.S. filing, 21Shares has also partnered with House of Doge to launch a fully backed Dogecoin exchange-traded product on Switzerland’s SIX Swiss Exchange. This product will trade under the ticker “DOGE” with a 2.5% fee. According to 21Shares president Duncan Moir, Dogecoin has evolved beyond just a cryptocurrency, representing a cultural and financial movement that continues to drive mainstream adoption. The launch of this product in Switzerland provides investors with a regulated avenue to participate in the Dogecoin ecosystem.