- 21Shares requested authorization from the SEC to list a spot Dogecoin ETF designed to replicate DOGE’s price movement.
- The market capitalization of DOGE hit $24 billion, ranking as the eighth largest in cryptocurrencies, citing its surge.
- Bloomberg’s analysts see a 75% likelihood of the SEC approving an in-the-spot Dogecoin ETF in 2025.
21Shares has formally submitted to the US Securities and Exchange Commission (SEC) to list an ETF for spot Dogecoin, James Seyffart reported in his statement. It is following in the footsteps of filings by Bitwise and Grayscale. Investors can gain exposure to Dogecoin’s price fluctuations without holding its token under the offered fund.
The 21Shares Dogecoin ETF, as outlined in the April 9 S-1 filing, tracks DOGE’s price movement. While specific details regarding the ticker symbol and exchange listing are yet to be disclosed, the fund’s launch signifies growing institutional interest in altcoin-based ETFs. Coinbase Custody will serve as the fund’s custodian.
21Shares President Duncan Moir underscored regulated products’ significance in broadening digital asset availability. He stated Dogecoin’s development shows its significance in the ecosystem. Its collaboration with the House of Doge is designed to provide transparency and authenticity in the offering to seek out institutional investors.
Dogecoin’s Market Significance and Adoption
Dogecoin has reached its current market capitalization of $24 billion, ranking eighth-largest in the world. Apart from DOGE, 21Shares is also creating ETFs for other cryptocurrencies, including Solana and Polkadot, to enhance its portfolio of altcoin-based ETFs in line with increased interest in various digital assets.
House of Doge board member Jens Wiechers complimented DOGE’s practical uses, such as tipping and charity. He said the ETF will provide a secure, regulated entry point for institutions, aligning with DOGE’s mission of accessible, peer-to-peer digital currency. The initiative is also aimed at enhancing legitimacy and adoption.
The filing follows a rebound in Dogecoin’s price, which fell to $0.15 following a steep sell-off. Analysts are observing a potential bullish divergence on its chart, with broader market optimism spurred by macroeconomic factors like Donald Trump’s decision to pause reciprocal tariffs.
Surge in Crypto ETF Filings Reflects Market Uncertainty
The proposed DOGE ETF is part of 21Shares’ broader strategy to expand its spot crypto ETF offerings. Currently, the company’s offerings include spot Bitcoin and Ether ETFs. The rise in crypto ETF filings reflects a “spaghetti cannon approach,” with issuers testing various products to see what the SEC might approve.
Bloomberg analysts have suggested that there’s a 75% chance the SEC will approve a spot Dogecoin ETF this year. In a significant development, 21Shares also launched a DOGE exchange-traded product (ETP) on the SIX Swiss Exchange. The ETP is the first to be endorsed by the DOGE Foundation and carries a 2.5% fee.
Read More: Dogecoin Goes Institutional: First-Ever DOGE ETP Hits European Markets