Crypto asset manager 21Shares has officially filed with the U.S. Securities and Exchange Commission (SEC) to launch a spot Dogecoin exchange-traded fund (ETF), joining competitors like Bitwise and Grayscale in the race to offer crypto-based investment products.
According to a Form S-1 registration dated April 9, the ETF would directly track the price of Dogecoin (DOGE), the internet-famous memecoin that currently ranks as the eighth-largest cryptocurrency with a market cap of $24.2 billion.
Coinbase to Serve as Custodian
In its filing, 21Shares named Coinbase Custody as the proposed custodian for the ETF. However, the company did not provide further details such as the fund’s ticker symbol, management fees, or which stock exchange the ETF would be listed on.
In addition to the S-1, 21Shares will need to file a 19b-4 form to officially initiate the SEC’s review and approval process.
The fund’s marketing efforts will be supported by House of Doge, the corporate arm of the Dogecoin Foundation.
More Memecoin ETFs on the Horizon?
Dogecoin, which began in 2013 as a joke based on a popular meme, has evolved into a serious asset with a massive following. Despite its origin as a fork of Lucky Coin (itself a fork of Bitcoin), DOGE has established a significant presence in both retail and institutional crypto markets.
21Shares is actively expanding its lineup of spot crypto ETFs. It currently offers spot Bitcoin and Ether funds, and has filed to launch ETFs for Polkadot and XRP as well.
Will the SEC Approve a Spot Dogecoin ETF?
ETF issuers appear to be flooding the SEC with applications, testing the waters under the agency’s new leadership. Bloomberg ETF analyst James Seyffart referred to this surge as a “spaghetti cannon approach,” where firms throw multiple proposals at the regulator to see which ones stick.
Both Seyffart and fellow analyst Eric Balchunas estimated in February that there’s a 75% chance the SEC approves a spot Dogecoin ETF this year. Meanwhile, betting platform Polymarket currently gives the odds of approval at 64%.
If approved, a spot DOGE ETF could bring even greater legitimacy and accessibility to one of crypto’s most culturally significant assets.
