Crypto asset manager 21Shares has submitted an initial filing with the U.S. Securities and Exchange Commission (SEC) to launch a spot exchange-traded fund (ETF) for Dogecoin (DOGE). This move follows similar filings by competitors Bitwise and Grayscale.
The registration statement , filed on April 9, outlines the firm’s intent to track the price of the popular meme coin, which currently holds a market cap of approximately $24.2 billion, making it the eighth-largest crypto by value.
The proposed ETF will partner with the Dogecoin Foundation's corporate arm, House of Doge, for marketing efforts. While 21Shares has indicated that Coinbase Custody will serve as the custodian for the fund, specific details regarding fees, a ticker symbol, and the exchange for listing have yet to be disclosed.
In addition to the Dogecoin ETF, 21Shares has a history of expanding its spot crypto ETF offerings, which currently include only Bitcoin (BTC) and Ether (ETH) funds. The firm also filed for a spot Polkadot (DOT) ETF in February and sought approval for a spot XRP (XRP) ETF last year.
Analysts suggest that the recent influx of crypto ETF filings reflects a strategy by issuers to explore what products may gain approval from the SEC under its new leadership. Bloomberg ETF analysts James Seyffart and Eric Balchunas estimate a 75% chance for SEC approval of the spot Dogecoin ETF this year, while Polymarket's betting odds are slightly lower at 64%.
In a related development, 21Shares has also announced a partnership with House of Doge to launch a fully backed Dogecoin exchange-traded product on Switzerland’s SIX Swiss Exchange, which will carry the ticker “DOGE” and feature a 2.5% fee.