Cryptocurrency asset management firm 21Shares has submitted a preliminary application to the U.S. Securities and Exchange Commission (SEC) for a spot Dogecoin (DOGE) Exchange-Traded Fund (ETF). This move follows similar filings by competitors Bitwise and Grayscale, signaling growing institutional interest in meme-based cryptocurrencies.
Key Details of the 21Shares Dogecoin ETF Proposal
According to the company’s S-1 registration statement filed on April 9, the ETF aims to track the price of Dogecoin, the iconic meme coin that started as a joke in 2013. Notably, House of Doge—the corporate arm of the Dogecoin Foundation—will assist 21Shares in marketing the fund.
Here’s what we know so far:
- Custodian: Coinbase Custody is designated as the ETF’s custodian.
- Unspecified Details: Fees, ticker symbol, and listing exchange remain undisclosed.
- Regulatory Steps: 21Shares must file a 19b-4 application to initiate formal approval processes.
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Dogecoin’s Market Position and Origins
- Market Cap: $24.2 billion (8th largest cryptocurrency by value).
- Origins: Forked from Lucky Coin (itself a Bitcoin fork), DOGE began as a lighthearted project but evolved into a cultural and financial phenomenon.
Expanding 21Shares’ ETF Offerings
21Shares’ Dogecoin ETF is part of its broader strategy to diversify beyond its existing spot Bitcoin and Ethereum funds. The firm has also filed for:
- A spot Polkadot (DOT) ETF (February 2025).
- A spot XRP ETF (2024).
Industry Perspectives on Crypto ETF Approvals
Bloomberg analysts James Seyffart and Eric Balchunas noted:
- 75% likelihood of SEC approving a spot DOGE ETF in 2025.
- Polymarket’s prediction platform currently assigns a 64% approval probability.
Seyffart likened recent crypto ETF applications to a "spaghetti cannon strategy"—issuers flooding the SEC with proposals to test the new leadership’s stance.
Swiss Market Launch: 21Shares and House of Doge Partnership
On the same day as its U.S. filing, 21Shares announced a fully backed Dogecoin ETP on the SIX Swiss Exchange (ticker: DOGE, 2.5% fee).
Duncan Moir, 21Shares President, emphasized Dogecoin’s cultural impact:
"DOGE transcends cryptocurrency—it’s a movement driving mainstream adoption. Our ETP offers a regulated gateway for investors."
FAQ: 21Shares Dogecoin ETF
Q1: What is a spot Dogecoin ETF?
A: It’s an ETF that holds actual DOGE tokens, tracking its market price without derivatives.
Q2: How does this differ from Grayscale’s filing?
A: Both aim for spot exposure, but custodians and fee structures may vary.
Q3: Why is SEC approval uncertain for meme coins?
A: Regulatory scrutiny is higher for assets perceived as speculative.
👉 Explore the future of meme coin investments