- 21Shares has filed to launch a spot Dogecoin ETF with the SEC, joining competitors Bitwise and Grayscale in the race for approval.
- The firm has partnered with Dogecoin Foundation’s House of Doge for marketing support and has already launched a Dogecoin ETP in Switzerland.
- Analysts give the Dogecoin ETF a 64-75% chance of approval this year as part of a broader trend of crypto ETF applications.
Digital asset manager 21Shares submitted a filing to the Securities and Exchange Commission on April 9 to launch a spot Dogecoin exchange-traded fund (ETF), following similar applications from rival firms Bitwise and Grayscale. The proposed fund would track the price of Dogecoin (DOGE), according to the company’s Form S-1 registration statement.
The Dogecoin Foundation’s corporate division, House of Doge, will help 21Shares market the ETF. While 21Shares has named Coinbase Custody as the intended custodian for the fund, the filing does not specify the fee structure, ticker symbol, or which exchange would list the product. The firm must also submit a 19b-4 filing to begin the SEC’s formal approval process.
Dogecoin, currently valued at $24.2 billion, ranks as the eighth-largest cryptocurrency by market capitalization. Created in 2013 as a humorous take on cryptocurrency, DOGE originated as a fork of Lucky Coin, which itself branched off from Bitcoin.
Expanding Crypto ETF Portfolio
The Dogecoin ETF application represents 21Shares’ latest effort to grow beyond its existing spot Bitcoin and Ethereum funds. In February, the company filed for a spot Polkadot (DOT) ETF, following its application for a spot XRP fund last year.
Bloomberg ETF analyst James Seyffart described the recent wave of crypto ETF filings as a "spaghetti cannon approach" with issuers testing what products might receive approval from new SEC leadership. "Issuers will try to launch many many different things and see what sticks," Seyffart explained.
The prospects for approval look promising, with Seyffart and fellow analyst Eric Balchunas estimating a 75% chance that the SEC will greenlight a spot Dogecoin ETF this year. Betting platform Polymarket currently shows 64% odds of approval.
European Launch Already Underway
While pursuing U.S. approval, 21Shares has already Europe.html”>launched a Dogecoin exchange-traded product in Switzerland through its partnership with House of Doge. The product trades on the SIX Swiss Exchange under the ticker "DOGE" with a 2.5% fee.
Duncan Moir, president of 21Shares, emphasized Dogecoin’s cultural significance, stating that it "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."
The Dogecoin ETF filing adds to the growing number of cryptocurrency investment products seeking regulatory approval as digital assets continue their integration into traditional financial markets.
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