21Shares has submitted its proposal to launch the first Dogecoin ETF as Nasdaq files a 19b-4 filing with the Securities and Exchange Commission.
This move comes amid a more favorable regulatory climate under new SEC Chairman Paul Atkins, increasing optimism about altcoin ETF approvals.
21Shares has taken its Dogecoin exchange-traded fund (ETF) proposal to a new level. On Tuesday, Nasdaq Stock Market LLC filed Form 19b-4 with the U.S. Securities and Exchange Commission (SEC) to list and trade shares of the 21Shares Dogecoin ETF.
This step marks the second step in the regulatory approval process, following 21Shares' initial S-1 filing on April 9. With this filing now in place, the proposal awaits approval by the U.S. Securities and Exchange Commission (SEC) and subsequent publication in the Federal Register, which will trigger the SEC's formal review.
As part of the Dogecoin ETF initiative, 21Shares also announced an exclusive partnership with BitDogecoin, with the project backed by the Dogecoin Foundation. This collaboration aims to establish credibility and community support for the fund, which could be the first of its kind if approved.
The push for a Dogecoin ETF comes amid a broader shift in the U.S. Securities and Exchange Commission's (SEC) approach to cryptocurrencies under new leadership. Paul Atkins, a well-known cryptocurrency supporter, was sworn in as SEC Chairman on April 21 after being nominated by President Donald Trump.
Atkins has publicly criticized the previous administration's stance on cryptocurrency regulation.
Unfortunately, innovation has been stifled over the past few years due to market uncertainty and regulation, which has unfortunately been reinforced by the Securities and Exchange Commission.
Atkins said last week:
21Shares isn't alone in its efforts to launch a Dogecoin ETF. Grayscale, Bitwise, and REX Shares have also submitted proposals in recent months, as interest in altcoin-based investment vehicles grows.
It's worth noting that Bloomberg analysts earlier this year predicted a 75% chance of Dogecoin ETF approval, second only to
The current climate is further enhanced by the recent approvals by the US Securities and Exchange Commission of Bitcoin ETFs in January and Ethereum ETFs in July, opening the door to more altcoin-based funds.
Despite this momentum, DOGE is trading at $0.1781 after a 1.70% rise over the past 24 hours. Notably, this digital asset has seen gains of 4.23% and 5.76% over the past week and month, respectively, reaching $26.58 billion.
With Nasdaq now supporting the proposal and new crypto-friendly leadership at the SEC, 21Shares' Dogecoin ETF could be well-positioned to break new ground in the expanding landscape of regulated digital asset products.