21Shares Files Spot Dogecoin ETF Application With SEC

YEREVAN (CoinChapter.com) — 21Shares submitted a Form S-1 filing to the US Securities and Exchange Commission (SEC) on April 9 for a spot Dogecoin ETF. The application aims to launch a fund that directly tracks the price of Dogecoin (DOGE). This follows similar filings from Bitwise and Grayscale.

The Dogecoin ETF would be backed by physical holdings of the token. 21Shares named Coinbase Custody as the proposed custodian. The filing did not include the ETF’s ticker, the listing exchange, or the management fee.

To proceed, 21Shares still needs to file a 19b-4 form with the SEC. That step is required to start the commission’s formal review process. As of now, no timeline has been confirmed.

House of Doge Supports DOGE ETF Marketing

The corporate arm of the Dogecoin Foundation, known as House of Doge, will assist 21Shares with promotion and awareness for the Dogecoin ETF. This cooperation focuses on the fund’s rollout in the US market.

Moreover, on the same day as the SEC filing, 21Shares and House of Doge launched a Dogecoin ETP on the SIX Swiss Exchange. This product trades under the ticker DOGE and carries a 2.5% fee. It is fully backed by Dogecoin and provides exposure to the asset in a regulated Swiss environment.

21Shares President Duncan Moir said Dogecoin “has become more than a cryptocurrency: it represents a cultural and financial movement that continues to drive mainstream adoption.” The quote was part of the announcement for the Swiss Dogecoin ETP.

Dogecoin ETF Joins Line of Crypto Products by 21Shares

The spot Dogecoin ETF filing adds to 21Shares’ growing list of crypto fund proposals. The company already offers spot Bitcoin and spot Ether ETFs. In February 2024, 21Shares filed for a spot Polkadot ETF. In 2023, the company submitted a proposal for a spot XRP ETF.

This filing pattern aligns with what Bloomberg ETF analyst James Seyffart called a “spaghetti cannon approach”. He said in February that issuers are submitting multiple ETF ideas to see which ones receive approval from current SEC leadership.

Seyffart and fellow analyst Eric Balchunas estimated a 75% chance that the SEC would approve a spot Dogecoin ETF this year. In addition, prediction platform Polymarket gave the approval odds at 64% as of early 2024.

Dogecoin holds a market capitalization of $24.2 billion and ranks eighth among all cryptocurrencies by value. Developers created it in 2013 as a fork of Lucky Coin, which originally forked from Bitcoin. It started as a meme but quickly gained use for transactions and tipping.

Additionally, the SEC has not approved any spot Dogecoin ETF in the US. So far, the commission has focused on Bitcoin and Ether products, delaying action on altcoin ETFs.

Notably, Coinbase Custody appears in the filing as the proposed custodian. Specifically, this gives the Dogecoin ETF more structure. However, 21Shares must still file a 19b-4 to start the official SEC review.