21Shares has put forward a proposal to the U.S. Securities and Exchange Commission for a spot exchange-traded fund linked to Dogecoin.
On April 9, the company filed a Form S-1 registration statement with the SEC, detailing the plans for the 21Shares Dogecoin ETF. This fund will track the DOGE price using the CF DOGE-Dollar US Settlement Price Index as its benchmark, with Coinbase Custody proposed as the custodian.
Designed as a passive investment vehicle, the ETF will not utilize leverage or derivatives. Instead, it will hold actual Dogecoin and determine its daily net asset value (NAV) according to the benchmark index.
The Trust will not engage in active trading of DOGE, except for share creations, redemptions, or to cover specific fees.
To enhance community engagement and outreach, 21Shares has teamed up with House of Doge, the corporate division of the Dogecoin Foundation, to assist with the marketing, branding, and strategic positioning of the ETF within the wider Dogecoin community.
This move with the SEC solidifies an expanding strategy for Dogecoin between 21Shares and House of Doge. Just a day earlier, the asset manager revealed the launch of the world’s first Dogecoin ETP, which is listed on Switzerland’s SIX Swiss Exchange under the ticker “DOGE.”
Duncan Moir, president of 21Shares, expressed that the ETP would offer investors a regulated means to participate in what he described as a “cultural and financial movement.”
In recent months, the SEC has received applications for a DOGE ETF from three additional issuers: Grayscale, Bitwise, and Rex Shares.
The Commission acknowledged Grayscale’s Form 19b-4 filing on Feb. 13, initiating a 240-day review period to assess the proposed rule change for the ETF listing. Similarly, Bitwise submitted its own 19b-4 proposal to NYSE Arca on March 3.
Currently, betting platform Polymarket indicates there is a 64% likelihood that a spot Dogecoin ETF will receive approval this year.