21Shares files for the first US Spot Dogecoin ETF

Digital asset manager 21Shares has officially filed with the US Securities and Exchange Commission (SEC) to launch the first-ever spot Dogecoin exchange-traded fund (ETF) in the United States. 

The filing submitted on Wednesday offers institutional and retail investors regulated exposure to the popular cryptocurrency through traditional brokerage accounts.

The proposed product, named the 21Shares Core Dogecoin ETF, aims to track the real-time market price of Dogecoin (DOGE), offering investors direct exposure to the cryptocurrency without requiring them to hold it themselves. Unlike synthetic products, this ETF would be physically backed, with 21Shares purchasing and storing actual Dogecoin to support the shares issued to investors.

This filing follows similar efforts by digital asset giants Grayscale and Bitwise, as all three firms race to bring innovative crypto investment products to market. The broader cryptocurrency sector received a boost in October with the news that Coinbase—the largest US-based crypto exchange—had launched Coinbase Custody, a secure platform for institutional crypto asset storage.

21Shares is still building its US offering but has already succeeded in other markets

On the same day that 21Shares filed with the SEC, the firm announced that it had launched a Dogecoin exchange-traded product (ETP) on the SIX Swiss Exchange, one of Europe’s top financial markets.

The product is quoted under the “DOGE” ticker and will carry a 2.5% management fee. The ETP is fully backed by Dogecoin, which means that the ETP has actual DOGE in its reserves.

To promote both its US and Swiss offerings, 21Shares has partnered with the House of Doge, the corporate affiliate of the Dogecoin Foundation. The collaboration is expected to strengthen community trust and boost product visibility.

In the US, 21Shares may name Coinbase Custody as its official custodian—a move that would add credibility, given Coinbase’s reputation for secure crypto asset storage.

However, the firm has yet to reveal key details about the proposed US ETF, including the listing exchange, ticker symbol, and management fees.

Dogecoin gains legitimacy as SEC decision approaches

Filing Form S-1 is only one part of the regulatory process. Issuers must also submit a 19b-4 filing to initiate an SEC review formally. Without it, the SEC cannot approve the proposed product.

That said, the chances of approval are more promising than ever. Bloomberg analysts James Seyffart and Eric Balchunas estimate a 75% probability that a Spot Dogecoin ETF will be approved this year. On the crypto prediction market Polymarket, the odds are slightly lower—currently at 64%—but still suggest a favorable outcome.

Seyffart has called the current wave of crypto ETF applications a “spaghetti cannon approach,”—meaning that issuers are throwing everything to see what under the SEC’s new leadership it is willing to let through.

Dogecoin has come a long way since being launched as a joke in 2013. It was initially designed as a send-up of the cryptocurrency craze. But it grew a devoted audience and became a real financial asset.

Dogecoin sits around a $23.44 billion market cap and is the 8th biggest crypto in the world.

There are allegations that a Spot Dogecoin ETF in the US would mark a watershed moment in the coin’s transition from meme to market.

21Shares already has a history in this area. The firm now offers spot Bitcoin and Ether ETFs in the US and just filed to launch similar products for Polkadot (DOT) and XRP.

According to Duncan Moir, President of 21Shares, Dogecoin is not just a crypto. “It’s a cultural and a financial movement,” he said. “This ETF provides a regulated way for investors to participate in that movement.“

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