Digital asset supervisor 21Shares has filed with the US Securities and Trade Fee to launch a spot Dogecoin exchange-traded fund, following comparable filings from rivals Bitwise and Grayscale.
The 21Shares Dogecoin ETF would search to trace the value of the memecoin Dogecoin (DOGE), according to the agency’s April 9 Kind S-1 registration assertion. The Dogecoin Basis’s company arm, Home of Doge, plans to help 21Shares with advertising and marketing the fund.
21Shares mentioned Coinbase Custody can be the proposed custodian of its Dogecoin ETF however didn’t specify a price, ticker or what inventory alternate it will listing on.
Supply: James Seyffart
21Shares should additionally file a 19b-4 submitting with the SEC to kickstart the regulator’s approval course of for the fund.
DOGE at the moment has a $24.2 billion market cap and is the eighth-largest cryptocurrency by worth. It was created in 2013 as a joke and is a fork of Fortunate Coin, which itself is a fork of Bitcoin.
21Shares’ proposed Dogecoin ETF is the firm’s newest effort to develop its spot crypto ETF choices, which at the moment consists of solely a spot Bitcoin (BTC) and Ether (ETH) fund.
The issuer additionally filed with the SEC in February to launch a spot Polkadot (DOT) ETF and final 12 months, it filed to create a spot XRP (XRP) ETF.
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The current surge in crypto ETF filings displays a “spaghetti cannon strategy” from issuers testing which merchandise the new SEC leadership would possibly approve, Bloomberg ETF analyst James Seyffart mentioned in February.
“Issuers will attempt to launch many many alternative issues and see what sticks,” Seyffart mentioned.
Seyffart and fellow Bloomberg ETF analyst Eric Balchunas mentioned in February that there is a 75% chance that the SEC will approve a spot Dogecoin ETF this 12 months, whereas the betting platform Polymarket at the moment gives approval odds of 64%.
21Shares and Home of Doge companion for DOGE funds in Switzerland
21Shares additionally said on April 9 that it partnered with House of Doge to launch a completely backed Dogecoin exchange-traded product on Switzerland’s SIX Swiss Exchange.
The 21Shares Dogecoin product will commerce beneath the ticker “DOGE” with a 2.5% price.
21Shares president Duncan Moir mentioned that Dogecoin “has turn out to be greater than a cryptocurrency: it represents a cultural and monetary motion that continues to drive mainstream adoption, and DOGE presents traders a regulated avenue to be a part of this thrilling undertaking.”
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