Following competitors Bitwise and Grayscale submitting similar applications, digital asset management company 21Shares has filed an application with the U.S. Securities and Exchange Commission to launch a spot Dogecoin exchange-traded fund.
According to the S-1 registration statement submitted by the company on April 9, the 21Shares Dogecoin ETF will track the price of the meme coin Dogecoin.
The House of Doge, a company under the Dogecoin Foundation, plans to assist 21Shares in promoting the fund.
21Shares stated that Coinbase Custody will be the proposed custodian for its Dogecoin ETF, but did not specify fees, ticker symbols, or the exchange for listing.
There are doubts-- Public Account: Wanting to eat soft rice hard.
21Shares must also submit a 19b-4 filing to the U.S. Securities and Exchange Commission to initiate the regulatory approval process for the fund.
DOGE currently has a market capitalization of $24.2 billion, making it the eighth largest cryptocurrency by market cap. It was created in 2013, initially as a joke, as a fork of Lucky Coin, which itself was a fork of Bitcoin.
The proposed Dogecoin ETF by 21Shares is the company's latest move to expand its spot cryptocurrency ETF products, which currently only include spot Bitcoin and Ethereum funds. The issuer also submitted an application to the U.S. Securities and Exchange Commission (SEC) in February to launch a spot Polkadot.
Applied for an ETF at $3.58 and submitted an application to create a spot XRP ETF last year.
Bloomberg ETF analyst James Seyffart stated in February that the recent surge in cryptocurrency ETF applications reflects issuers adopting a 'spaghetti shotgun approach' to test which products the new SEC leadership might approve.
Seyffart stated, 'Issuers will try to launch many different products to see which ones can succeed.'
Seyffart and Bloomberg ETF analyst Eric Balchunas stated in February that the likelihood of the U.S. Securities and Exchange Commission approving a spot Dogecoin ETF this year is 75%, while Polymarket currently gives an approval probability of 64%.
21Shares collaborates with House of Doge to launch the DOGE fund in Switzerland.
21Shares also announced on April 9 that it is collaborating with House of Doge to launch a fully supported Dogecoin exchange-traded product on the SIX Swiss Exchange.
21Shares' Dogecoin product will trade under the ticker symbol 'DOGE' with a fee of 2.5%.
Duncan Moir, president of 21Shares, stated that Dogecoin 'is no longer just a cryptocurrency: it represents a cultural and financial movement that will continue to drive mainstream adoption, and Dogecoin provides investors with a regulated way to participate in this exciting project.'
