21Shares Formally Files with the SEC to List a Spot Dogecoin ETF

output:input: 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.

21Shares has formally submitted an S-1 to the SEC for an ETF that provides investors with exposure to Dogecoin. The firm is known for its efforts to launch crypto ETFs in the US.

Investors can gain exposure to Dogecoin’s price fluctuations without needing to hold its token. The 21Shares Dogecoin ETF will track DOGE’s price movements, as reported by Blockworks.

The S-1 filing, dated April 9, outlines the fund’s offering. It also mentions that Coinbase Custody will serve as the fund’s custodian.

Earlier reports indicate that the firm is aiming to list the fund on one of the US stock exchanges, while details such as the ticker symbol and exchange listing will be disclosed later.

The fund’s launch underscores growing interest in altcoin-based ETFs among institutional investors.

Broadening Digital Asset Availability with Regulated Products

21Shares President Duncan Moir highlighted the importance of regulated products in broadening the availability of digital assets.

“We believe that providing simple and accessible routes for institutions to invest in cryptocurrencies is crucial in driving broader adoption,” said Moir.

“Dogecoin’s playful spirit and vast community have made it a cryptocurrency that people are passionate about.”

“This collaboration with the House of Doge aims to bring transparency and authenticity in our offering to appeal to institutional investors who value such attributes.”

Dogecoin’s market capitalization currently ranks eighth-largest in the world at $24 billion. Apart from DOGE, 21Shares is also creating ETFs for other cryptocurrencies, including Solana and Polkadot.

This move 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 surge in crypto ETF filings is part of a “spaghetti cannon approach,” where issuers are testing various products to see what the SEC might approve.

Crypto ETF Filings Hit Record Levels Amid Market Uncertainty

This year has seen a record number of ETF filings, reflecting the uncertainty in the market.

Earlier this year, Mike McGlone, senior analyst at Web3 intelligence platform Chainalysis, noted that the lack of a Bitcoin ETF in the US is “baffling.”

McGlone highlighted the irony of a country that allows gambling on derivatives like single-stock futures on small companies with nearly zero revenue but restricts crypto ETFs.

“It’s common knowledge that the SEC has repeatedly denied applications for spot Bitcoin ETFs.”

“However, in a surprising move, the commission fast-tracked the approval of seven new Bitcoin futures ETFs in 2021.”

According to McGlone, this decision was met with disappointment among market participants who had anticipated a Bitcoin ETF.

Despite the seven new approvals, none of the proposed products commenced trading on exchanges.

McGlone further pointed out that the lack of a Bitcoin ETF in the US is perplexing considering the significant trading volume in the underlying asset.

In other news, 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.

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.

Broader market optimism is also being driven by macroeconomic factors such as Donald Trump’s decision to pause reciprocal tariffs.