21Shares Files for Spot Dogecoin ETF with SEC
21Shares, a Zurich-based digital asset manager, has filed a registration statement with the US Securities and Exchange Commission (SEC) to launch a spot Dogecoin ETF. The proposed fund aims to track the performance of the original meme coin, Dogecoin (DOGE), which is currently trading at $0.156.
Dogecoin ETF Background
The filing, which was made on [date], names Coinbase Custody as the proposed custodian for the fund. While the ETF’s ticker, fees, and listing exchange are yet to be disclosed, the details will be revealed in the coming weeks. The House of Doge Inc., the corporate arm of the Dogecoin Foundation, has agreed to support the Trust with marketing, strategy, and related services.
This move follows similar attempts by other crypto asset managers, including Bitwise and Grayscale, to launch spot Dogecoin ETFs. 21Shares has also filed for spot Bitcoin and Ether ETFs, as well as a spot Polkadot ETF and a spot XRP ETF with the SEC.
Market Predictions and Optimism
The prospects of the SEC approving a spot Dogecoin ETF are supported by market predictions. Polymarket, a betting platform, has assigned a 64% chance of approval, in line with an earlier prediction from Bloomberg analysts Eric Balchunas and James Seyffart. In February, they projected a 75% likelihood that the SEC would approve a spot Dogecoin ETF by 2025.
The analysts’ prediction reflects growing optimism in the crypto sector, driven by increasing institutional interest in cryptocurrency-based exchange-traded funds, including Bitcoin and Ethereum.
Exclusive Partnership with House of Doge
In a separate announcement, 21Shares revealed an exclusive partnership with the House of Doge to launch the 21Shares Dogecoin ETP. Listed on the SIX Swiss Exchange under the ticker DOGE, the ETP is 100% physically backed and aims to offer institutional-grade exposure to the meme coin with a 2.50% fee.
Commenting on the deal, Duncan Moir, President at 21Shares, stated:
"With this exclusive partnership, we’re providing investors with the most direct and accessible way to gain exposure to the Dogecoin ecosystem. Dogecoin has become more than a cryptocurrency: it represents a cultural and financial movement that continues to drive mainstream adoption, and DOGE offers investors a regulated avenue to be part of this exciting project."
ETF Details
While the details of the proposed ETF are yet to be disclosed, we can expect the following:
- Custodian: Coinbase Custody
- Ticker: To be disclosed
- Fees: To be disclosed
- Listing Exchange: To be disclosed
Conclusion
The filing of the spot Dogecoin ETF by 21Shares marks another significant step in the growing interest in cryptocurrency-based exchange-traded funds. With the SEC’s approval, investors will have access to a regulated and institutional-grade exposure to the Dogecoin ecosystem.
FAQs
Q: What is 21Shares?
A: 21Shares is a Zurich-based digital asset manager.
Q: What is a spot Dogecoin ETF?
A: A spot Dogecoin ETF is a type of exchange-traded fund that tracks the performance of the Dogecoin cryptocurrency.
Q: What is the current price of Dogecoin?
A: The current price of Dogecoin is $0.156.
Q: Who is the proposed custodian for the fund?
A: Coinbase Custody is the proposed custodian for the fund.
Q: What is the exclusive partnership with House of Doge?
A: 21Shares has partnered with the House of Doge to launch the 21Shares Dogecoin ETP, a physically backed ETF listed on the SIX Swiss Exchange.
Q: What are the fees associated with the ETP?
A: The ETP has a 2.50% fee.
Q: What are the prospects of the SEC approving a spot Dogecoin ETF?
A: Market predictions suggest a 64% chance of approval, in line with an earlier prediction from Bloomberg analysts Eric Balchunas and James Seyffart.
Q: What is the significance of the SEC’s approval of a spot Dogecoin ETF?
A: The approval would provide investors with a regulated and institutional-grade exposure to the Dogecoin ecosystem.
