Digital Asset Manager 21Shares launched the Spot Dogecoin Exchange-Traded Fund with the US Securities and Exchange Commission, following similar filings from rivals and similar applications from Grayscale.
21Shares Dogecoin ETF is trying to track the price of Memecoin Dogecoin (DOGE), according to the company’s April 9 Form S-1 registration statement. House of Doge, the corporate arm of the Dogecoin Foundation, plans to support the fund’s marketing by 21 shares.
21Shares said Coinbase’s custody would become the proposed administrator of the Dogecoin ETF, but did not specify the fee, ticker, or the stock exchange it lists.
Source: James Seyffart
21 shares must submit a 19B-4 submission to the SEC to kickstart the fund’s regulatory approval process.
Doge is currently the eighth largest cryptocurrency by value, with a market capitalization of $24.2 billion. Created as a joke in 2013, it is a lucky coin fork, and in itself a fork for Bitcoin.
The proposed Dogecoin ETF from 21Shares is the company’s latest initiative to expand its Spot Crypto ETF products, currently only including Spot Bitcoin (BTC) and Ether (ETH) funds.
The publisher also submitted the Spot Polka Dot (DOT) ETF to the SEC in February, and last year submitted it to create a Spot XRP (XRP) ETF.
Related: Dogecoin billionaires buy dip as Doge Price Eyes 30% Rally
The recent surge in Crypto ETF filings reflected the “Spaghetti Cannon approach” from publishers testing which products new SEC leadership will approve.
“Publishers try to launch a lot of different things and see what sticks,” Seyfert said.
Seyffart and Bloomberg ETF analyst Eric Balchunas said in February that there is a 75% chance that the SEC will approve the Spot Dogecoin ETF this year, with betting platform Polymarket currently giving it a 64% approval odds.
21 shares and House of Doge Partners of Swiss Dodge Funds
21Shares also said it partnered with House of Doge on April 9 to launch a product traded on Dogecoin Exchange, which is fully supported by six Swiss exchanges in Switzerland.
21Shares Dogecoin products trade at a 2.5% rate under the ticker “Doge”.
President Duncan Moir, who has 21 shares, said Dogcoin has “became more than a cryptocurrency. It represents a cultural and financial movement that continues to promote mainstream adoption, and Doge will provide investors with a regulatory pathway that will become part of this exciting project.”
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