In a notable development for crypto-backed financial products, 21Shares has formally filed an application to launch a spot Dogecoin exchange-traded fund (ETF) in the United States.
21Shares Pushes for Spot Dogecoin ETF Approval
The move, reported by Bloomberg ETF analyst Eric Balchunas via X, marks a significant milestone in efforts to broaden digital asset offerings within regulated, mainstream investment markets.
21Shares, recognized as one of the largest issuers of crypto exchange-traded products (ETPs) globally, is seeking to capitalize on growing investor appetite for cryptocurrency exposure through familiar, regulated vehicles.
The proposed ETF aims to directly hold Dogecoin (DOGE), offering a streamlined, compliant pathway for traditional investors to track the cryptocurrency’s market performance without engaging with crypto wallets or online exchanges.
A Strategic Alliance with the Dogecoin Foundation
Adding further weight to the filing, 21Shares has partnered with the House of Doge—the corporate entity linked to the Dogecoin Foundation. The collaboration underscores the evolving maturity of meme coin ecosystems, signaling their readiness for institutional-grade financial products. This partnership is positioned to support the marketing and positioning of the fund as it moves through the regulatory review process.
The proposed fund will passively track the CF Dogecoin-Dollar Settlement Price Index. Unlike futures-based products, which are tied to derivative contracts, this spot ETF would directly hold Dogecoin tokens, allowing investors to mirror the real-time price of the asset without operational complexities.
Spot Crypto ETFs: Expanding Market Access
The distinction between spot and futures ETFs is critical. While futures ETFs hold contracts speculating on future prices, spot ETFs are backed by the actual underlying asset—in this case, Dogecoin. This structure appeals to risk-conscious, traditional investors seeking exposure to cryptocurrency markets via regulated brokerage accounts and public exchanges.
For 21Shares, the move represents both a natural progression and a calculated entry into a challenging U.S. regulatory environment. The firm’s extensive track record in Europe, where it manages a suite of regulated crypto ETPs, positions it well for navigating the Securities and Exchange Commission’s (SEC) stringent demands on crypto-related financial products.
Regulatory Review Underway
The SEC formally acknowledged 21Shares’ application on May 13, 2025, initiating the official review process. Shortly after, Nasdaq reinforced institutional support for the proposal by filing its own Form 19b-4, seeking approval to list and trade the fund’s shares. While this signals early momentum, the regulatory journey remains lengthy.
If no extensions are granted, the SEC’s final decision deadline stands at January 9, 2026, giving regulators up to 240 days to review and deliver a verdict. The outcome will be closely watched, not only for its implications for Dogecoin but for the broader legitimacy of meme coins within institutional portfolios.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice
