Digital asset supervisor 21Shares has filed with the US Securities and Alternate Fee to launch a spot Dogecoin exchange-traded fund, following related 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 stated Coinbase Custody can be the proposed custodian of its Dogecoin ETF however didn’t specify a price, ticker or what inventory change it could record 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 present 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 broaden its spot crypto ETF choices, which at present 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 stated in February.
“Issuers will attempt to launch many many alternative issues and see what sticks,” Seyffart stated.
Seyffart and fellow Bloomberg ETF analyst Eric Balchunas stated 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 present gives approval odds of 64%.
21Shares and Home of Doge accomplice 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 stated that Dogecoin “has change into greater than a cryptocurrency: it represents a cultural and monetary motion that continues to drive mainstream adoption, and DOGE gives buyers a regulated avenue to be a part of this thrilling challenge.”
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