Bitcoin’s Meme Rival Makes a Move: 21Shares Files for First U.S. Dogecoin ETF—Will the SEC Bite?

Investment firm 21Shares has submitted documentation to the U.S. Securities and Exchange Commission (SEC) to offer the first spot Dogecoin ETF in the U.S. On April 9, 2025, the firm filed a Form S-1 registration statement with the SEC, indicating its intention to launch a regulated exchange-traded fund that would invest directly in actual Dogecoin (DOGE) to track the real-time market price of Dogecoin. The ETF would essentially expose investors to the price movement of Dogecoin via a regulated lifecycle in a financial product, which would be based on the CF Dogecoin-Dollar Settlement Price (DOGEUSD_RR) price formed for this product. The ETF’s launch ultimately hinges on the approval of not only the S-1 but also the Form 19b-4 filing for registered ETFs, which are subject to SEC clearance.

Coinbase Custody and Dogecoin Foundation Partnership

21Shares has appointed Coinbase Custody Trust as the custodian for the ETF, which is consistent with the company’s strategy of collaborating with trusted institutions to securely manage crypto assets. 21Shares is also working with the House of Doge—the commercial arm of the Dogecoin Foundation—to market and position the ETF in a fashion that authenticates itself with Dogecoin’s culture and community. This collaboration represents a calculated effort to position the product as part of the identity of the coin, which has historically been defined by internet culture, memes, and grassroots energy. By incorporating the community element into the ETF, 21Shares is not simply developing an investment product, but is ultimately seeking legitimacy and connection to the culture in the wider crypto context.

Dogecoin Price Spikes on ETF News

Following the ETF filing, Dogecoin experienced an immediate boost in market activity. The coin jumped over 8% in 24 hours, climbing past $0.15 as excitement around the potential ETF spread. This surge was part of a wider crypto market rally, also fueled by President Trump’s recent announcement of a 90-day suspension of tariffs on 75 countries—a move that has temporarily eased investor concerns about global economic headwinds.

The news has injected fresh momentum into the market, especially for meme coins like Dogecoin that thrive on community interest and speculative buzz.

A Trend Toward Institutional Access to Meme Coins

21Shares’ actions are not in a vacuum. Established names like Bitwise and Grayscale have been eyeing Dogecoin ETFs as well, reflecting an institutional appetite for legitimizing cryptocurrencies backed by memes. As demand grows for more diversified crypto portfolios, fund managers will continue looking for ways to provide new products for younger, more digitally literate investors. With crypto funds with spot Bitcoin and Ethereum ETFs having previously received SEC approval this year, the application for a Dogecoin ETF is the next obvious extension of the regulatory landscape for investment vehicles for cryptocurrencies.

A Test Case for Meme Coin Legitimacy

The SEC’s verdict on this filing will be monitored attentively, not only for Dogecoin but for the wider crypto sector. If approved, the ETF could provide a roadmap for future products related to other meme coins or altcoins with significant retail interest. In the end, this is evidence of the coming of age of the relationship between traditional finance and digital assets. A joke coin may soon become a regulated investment option, signaling how far the industry has come concerning legacy markets.

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