21Shares’ Filing: Digital asset manager 21Shares has filed an S-1 registration with the U.S. Securities and Exchange Commission (SEC) to launch a spot Dogecoin (DOGE) ETF, aiming to track the memecoin’s price.
Partnerships: The ETF will partner with the House of Doge, the corporate arm of the Dogecoin Foundation, for marketing, with Coinbase Custody as the proposed custodian.
Market Context: Dogecoin, with a $24.2 billion market cap, ranks as the eighth-largest cryptocurrency, and the filing aligns with a crypto-friendly SEC shift under new leadership.
Approval Odds: Bloomberg analysts estimate a 75% chance of SEC approval in 2025, while Polymarket odds are at 64%.
Competitive Landscape: 21Shares joins Grayscale and Bitwise in the race to launch a U.S. spot Dogecoin ETF, with Nasdaq seeking to list 21Shares’ fund.
On April 9, 2025, digital asset manager 21Shares took a significant step toward bridging decentralized finance (DeFi) and traditional markets by filing an S-1 registration statement with the U.S. Securities and Exchange Commission (SEC) to launch the 21Shares Core Dogecoin ETF. This proposed exchange-traded fund (ETF) aims to track the real-time market price of Dogecoin (DOGE), the popular memecoin with a market capitalization of approximately $24.2 billion, making it the eighth-largest cryptocurrency globally. The move signals a growing acceptance of meme-based cryptocurrencies in institutional finance, offering investors a regulated way to gain exposure to DOGE without directly holding the asset.
What Is a Spot Dogecoin ETF?
A spot ETF is a financial product that holds the actual underlying asset—in this case, Dogecoin—and tracks its price using a benchmark like the CF DOGE-Dollar US Settlement Price Index. Unlike futures-based ETFs, which rely on derivatives, a spot ETF is physically backed, with 21Shares purchasing and storing actual DOGE to support the shares issued to investors. This structure provides a straightforward way for both institutional and retail investors to participate in the DeFi ecosystem through traditional brokerage accounts, eliminating the need to manage crypto wallets or navigate exchanges. As 21Shares President Duncan Moir stated, “Dogecoin is not just a crypto. It’s a cultural and financial movement. This ETF provides a regulated way for investors to participate in that movement”.
Dogecoin has come a long way. Backed by a passionate community and growing real-world utility, DOGE is stepping into the spotlight as more than just internet culture.Dive into its transformation in our latest blog → https://t.co/WF6MTaXJwz pic.twitter.com/B6EebArxnL
— 21Shares (@21Shares) April 15, 2025
Strategic Partnerships and Custody
To bolster the ETF’s credibility and visibility, 21Shares has partnered with the House of Doge, the corporate arm of the Dogecoin Foundation, to handle marketing, branding, and community engagement. This collaboration builds on their joint launch of a Dogecoin exchange-traded product (ETP) on Switzerland’s SIX Swiss Exchange on April 9, 2025, under the ticker “DOGE” with a 2.5% management fee. In the U.S., Coinbase Custody is named as the proposed custodian, leveraging its reputation for secure crypto asset storage to ensure the ETF’s assets are safely held. However, key details such as the ETF’s ticker symbol, management fees, and listing exchange remain undisclosed in the filing.
Competitive Race and Regulatory Landscape
21Shares is not alone in its pursuit of a spot Dogecoin ETF. Rivals Grayscale and Bitwise have also filed S-1 registrations with the SEC, with Grayscale’s 19b-4 filing acknowledged on February 13, 2025, triggering a 240-day review period. Bitwise filed its 19b-4 proposal via NYSE Arca on March 3, while 21Shares’ application is linked to Nasdaq, which filed a 19b-4 form on April 29, 2025, to list and trade the ETF’s shares. The SEC’s review process, which can extend up to 240 days, will determine whether Dogecoin becomes accessible to a broader investor base through an ETF structure.
The filing comes amid a shifting regulatory environment. The recent confirmation of Paul Atkins as SEC Chair, viewed as crypto-friendly, has fueled optimism for ETF approvals. Bloomberg analysts James Seyffart and Eric Balchunas estimate a 75% chance of a spot Dogecoin ETF being approved in 2025, while betting platform Polymarket places the odds at 64%. Seyffart described the surge in crypto ETF filings as a “spaghetti cannon approach,” where issuers test various products to gauge the SEC’s receptiveness under new leadership.
The 21Shares Dogecoin ETP is live Exclusively endorsed by the @DogecoinFdn, it gives traditional investors regulated access to one of crypto’s most iconic assets — $DOGE.Click to learn more: https://t.co/cGqaEWeIMN pic.twitter.com/IpNJB6ViZ1
— 21Shares (@21Shares) April 23, 2025
Dogecoin’s Evolution and Market Impact
Launched in 2013 as a satirical take on the cryptocurrency craze, Dogecoin has grown into a serious financial asset with a devoted community and a market cap of $24.2 billion. Its price, which recently rebounded from a low of $0.14 to $0.1548, reflects renewed market interest, partly driven by the ETF filing and broader crypto market rallies. On April 9, DOGE surged nearly 12% following 21Shares’ announcement, aligning with a market upswing after President Donald Trump’s 90-day tariff pause. This ETF could further boost Dogecoin’s adoption, potentially driving inflows into its ecosystem and solidifying its transition from a meme to a mainstream financial asset.
Challenges and Considerations
Despite the optimism, challenges remain. The SEC has delayed decisions on several altcoin ETF applications, including those for Litecoin (LTC) and XRP, pending further review. Additionally, some analysts highlight potential risks, such as Dogecoin’s price volatility, which could impact the ETF’s stability. Posts on X have reflected mixed sentiment, with some users calling the filing a “desperate grab for meme-coin hype” that risks leaving investors exposed if DOGE’s price crashes. Others, however, see it as a bullish signal, with one user proclaiming, “$DOGE is going mainstream — Wall Street wants a bite of the meme king!”.
What’s Next?
The next step for 21Shares is filing a 19b-4 form to formally initiate the SEC’s approval process. If approved, the 21Shares Core Dogecoin ETF could mark a watershed moment for memecoins, bringing regulated exposure to a cryptocurrency once dismissed as a joke. As the DeFi space continues to intersect with traditional finance, this filing underscores Dogecoin’s growing legitimacy and the broader trend of institutional adoption of cryptocurrencies.
Sources:
https://www.cryptopolitan.com/21shares-files-for-the-first-u-s-spot-dogecoin-etf/[](https://www.cryptopolitan.com/21shares-files-for-u-s-spot-dogecoin-etf/)
https://www.cryptotimes.io/21shares-files-to-launch-spot-dogecoin-etf-with-sec/[](https://www.cryptotimes.io/2025/04/10/21shares-files-to-launch-spot-dogecoin-etf-with-the-sec/)
https://www.coindesk.com/markets/2025/04/30/doge-news-nasdaq-seeks-sec-approval-to-list-21shares-dogecoin-etf/[](https://www.coindesk.com/markets/2025/04/30/nasdaq-seeks-sec-approval-to-list-21shares-dogecoin-etf)
https://coinmarketcap.com/community/articles/661c5283e853b038dbfa2c1e/[](https://coinmarketcap.com/academy/article/21shares-files-us-registration-for-dogecoin-spot-etf)
https://crypto.news/21shares-seeks-sec-approval-for-spot-dogecoin-etf/[](https://crypto.news/21shares-seeks-sec-approval-for-spot-dogecoin-etf/)
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