Crypto asset manager 21Shares has filed an application with the U.S. Securities and Exchange Commission (SEC) to launch a spot Dogecoin ($DOGE ) exchange-traded fund (ETF), marking the latest in a wave of memecoin-focused financial products.
According to the April 9 Form S-1 registration, the fund aims to directly track the price of Dogecoin, the iconic meme cryptocurrency with a $24.2 billion market cap. Coinbase Custody is listed as the proposed custodian, while House of Doge — the corporate arm of the Dogecoin Foundation — will assist in marketing the ETF.
This move follows similar filings from Bitwise and Grayscale, and comes amid rising interest in crypto ETFs beyond Bitcoin and Ethereum. The DOGE ETF will still require a 19b-4 filing to begin the SEC's approval process. No details on fees, ticker symbol, or exchange listing have been disclosed yet.
The initiative also complements 21Shares' recent expansion, including filings for spot Polkadot and XRP ETFs. In parallel, the firm has launched a fully backed Dogecoin ETP on Switzerland’s SIX Swiss Exchange, trading under the ticker DOGE with a 2.5% fee.
Bloomberg ETF analysts have pegged a 75% chance of SEC approval for a Dogecoin ETF in 2024, citing growing issuer momentum and evolving regulatory attitudes. With Dogecoin’s cultural clout and meme-driven popularity, a spot DOGE ETF could mark a new frontier in mainstream crypto adoption.
