TLDR
- 21Shares has filed for a spot Dogecoin ETF with the SEC, following similar filings from Bitwise and Grayscale
- Dogecoin is up 8% and trading above $0.15 following the ETF filing news
- The Dogecoin Foundation’s House of Doge will assist with marketing the ETF
- Bloomberg analysts estimate a 75% chance the SEC will approve a spot Dogecoin ETF this year
- 21Shares has also launched a Dogecoin exchange-traded product on Switzerland’s SIX Swiss Exchange
Crypto asset manager 21Shares has filed an application with the US Securities and Exchange Commission (SEC) to launch a spot Dogecoin exchange-traded fund (ETF). The filing, submitted on April 9, follows similar applications from competitors Bitwise and Grayscale, marking growing institutional interest in the popular memecoin.
Dogecoin’s price responded positively to the news, jumping 8% to trade above $0.15. The cryptocurrency, which began as a joke in 2013, now holds a market capitalization of $24.2 billion, making it the eighth-largest cryptocurrency by value.
According to the Form S-1 registration statement, the proposed ETF would track the CF Dogecoin-Dollar Settlement Price (DOGEUSD_RR). This would allow investors exposure to Dogecoin price movements without directly owning the cryptocurrency.
NEW: @21Shares Files for a spot Dogecoin ETF
(joining Grayscale & Bitwise) pic.twitter.com/o0MAli4SMQ
— James Seyffart (@JSeyff) April 9, 2025
Key Partnerships and Structure
The filing reveals that 21Shares has partnered with House of Doge, the corporate arm of the Dogecoin Foundation, to assist with marketing the fund. This strategic alliance aims to leverage the foundation’s expertise and community connections.
Coinbase Custody has been named as the proposed custodian for the ETF’s assets. However, 21Shares has yet to specify a fee structure, ticker symbol, or which stock exchange would list the fund.
The asset manager must still submit a 19b-4 filing with the SEC to begin the formal approval process. This is a necessary next step before the regulator can consider giving the green light to the product.
Duncan Moir, President at 21Shares, emphasized the cultural importance of Dogecoin, stating it “has become more than a cryptocurrency: it represents a cultural and financial movement that continues to drive mainstream adoption.”
Market Outlook and Analyst Predictions
The recent wave of crypto ETF filings reflects what Bloomberg ETF analyst James Seyffart described in February as a “spaghetti cannon approach.” This strategy involves issuers testing various products to see which ones the new SEC leadership might approve.
Bloomberg analysts James Seyffart and Eric Balchunas have given the spot Dogecoin ETF a 75% chance of approval this year. Meanwhile, betting platform Polymarket currently places the odds at 64%.
The current political landscape may be favorable for crypto ETF approvals. President Donald Trump’s administration has shown support for the cryptocurrency sector, including a recent 90-day tariff suspension affecting 75 countries, which coincided with a 12% increase in the overall cryptocurrency market.
Elon Musk, a well-known Dogecoin supporter and the mind behind the Department of Government Efficiency (D.O.G.E.), holds influence in the current administration. Some analysts suggest this connection could improve the chances of a Dogecoin ETF approval.
International Expansion
While pursuing US approval, 21Shares has already expanded its Dogecoin offerings internationally. On April 9, the company launched a fully backed Dogecoin exchange-traded product on Switzerland’s SIX Swiss Exchange.
The Swiss product trades under the ticker “DOGE” with a 2.5% fee. This move demonstrates 21Shares’ commitment to providing regulated access to Dogecoin across multiple markets.
The new filing is part of 21Shares’ broader strategy to expand its spot crypto ETF offerings. The company currently offers Bitcoin and Ethereum funds, and has previously filed for spot Polkadot and XRP ETFs.
Dogecoin has experienced high volatility in recent months. After reaching a peak of $0.4835, the price dropped to as low as $0.1315 before its current recovery.
On-chain data from Glassnode shows that 50.8% of Dogecoin’s supply is currently “in profit,” meaning just over half of the coins in circulation are valued higher than when they were last transferred. This nearly equal split between profitable and unprofitable positions suggests a neutral investor sentiment.
Whether the SEC will approve these Dogecoin ETF applications remains to be seen. However, the increasing number of filings from major asset managers indicates growing institutional confidence in the future of cryptocurrency investment products.
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