The U.S. could quickly see a spot Dogecoin ETF, as 21Shares formally information for approval.
Crypto asset supervisor 21Shares has entered the fray with Bitwise and Grayscale by submitting an preliminary SEC filing for a spot Dogecoin ETF.
To supply a spot Dogecoin ETF, 21Shares has requested approval from the U.S. Securities and Trade Fee, mirroring actions just lately taken by Bitwise and Grayscale.
The ETF by 21Shares will mirror Dogecoin’s value, in accordance with an April 9 registration assertion, with Home of Doge, an entity affiliated with the Dogecoin Basis, partnering to market the fund.
Coinbase Custody will function the custodian for 21Shares’ Dogecoin ETF, although the submitting omits info on charges, the ticker, and the goal inventory change.
21Shares nonetheless must submit a 19b-4 submitting to the SEC to formally start the approval course of for the ETF.
Dogecoin, which began as a joke in 2013, now boasts a $24.2 billion market cap, making it the eighth greatest cryptocurrency. It stems from Fortunate Coin, a Bitcoin by-product.
21Shares’ transfer to launch a Dogecoin ETF expands its spot crypto ETF portfolio, which at the moment contains solely Bitcoin and Ether funds.
In February, the issuer filed for a spot Polkadot ETF, including to final yr’s try to determine a spot XRP ETF.
Bloomberg ETF analyst James Seyffart mentioned in February that the flood of crypto ETF filings illustrates a “spaghetti cannon method,” with issuers probing the boundaries of what the SEC’s new management may approve.
“Issuers will attempt to launch many many alternative issues and see what sticks,” Seyffart mentioned.
Bloomberg’s Seyffart and Balchunas predicted a 75% likelihood for the SEC to approve a spot Dogecoin ETF this yr, whereas Polymarket gave it a 64% likelihood.
On April 9, 21Shares introduced its collaboration with Home of Doge to convey a fully-backed Dogecoin exchange-traded product to the SIX Swiss Trade.
21Shares will commerce the Dogecoin product underneath the “DOGE“ ticker on the SIX Swiss Trade, with an related price of two.5%.
21Shares president Duncan Moir mentioned that Dogecoin “has grow to be greater than a cryptocurrency: it represents a cultural and monetary motion that continues to drive mainstream adoption, and DOGE affords traders a regulated avenue to be a part of this thrilling mission.”
In November 2024, Valour launched a dogecoin Trade Traded Product (ETP), the first-ever in the Nordic area. Listed on the Sweden Highlight Inventory Market, the product provided merchants and traders a brand new solution to achieve publicity to Dogecoin. Valour Inc. is a subsidiary of DeFi Applied sciences.
