21Shares Aims for US Approval of Spot Dogecoin ETF

In a significant move within the cryptocurrency ETF landscape, 21Shares, a prominent digital asset manager, has submitted a registration statement to the US Securities and Exchange Commission (SEC) for a spot Dogecoin exchange-traded fund (ETF). This filing follows similar applications from competitors like Bitwise and Grayscale, intensifying the race to offer the first SEC-approved Dogecoin ETF.

According to 21Shares’ April 9 Form S-1 filing (SEC Filing), the proposed ETF aims to mirror the price fluctuations of Dogecoin (DOGE). The House of Doge, the corporate arm of the Dogecoin Foundation, is reportedly collaborating with 21Shares on the fund’s marketing strategy.

Coinbase Custody is slated to serve as the custodian for the 21Shares Dogecoin ETF, although specifics regarding fees, the ticker symbol, and the chosen exchange remain undisclosed. The company must also submit a 19b-4 filing to initiate the SEC’s review process.

Source: James Seyffart

With a current market capitalization of $24.2 billion, Dogecoin holds the eighth position among cryptocurrencies by market value. Originating in 2013 as a lighthearted project, it’s a fork of Lucky Coin, itself a derivative of Bitcoin.

This proposed Dogecoin ETF marks 21Shares’ latest attempt to broaden its spot crypto ETF offerings, currently encompassing only Bitcoin (BTC) and Ether (ETH) funds. The company also has pending SEC filings for spot Polkadot (DOT) and XRP ETFs.

Industry analysts are closely monitoring the situation, with opinions varying on the likelihood of SEC approval. The high number of ETF applications is being viewed by some as a strategic approach by issuers to determine which products resonate with the SEC’s changing priorities under its new leadership.

Further Developments: 21Shares also announced a partnership with House of Doge to introduce a Dogecoin exchange-traded product (ETP) on the SIX Swiss Exchange, trading under the ticker “DOGE” with a 2.5% fee.