21Shares Makes Bold Move with Spot Dogecoin ETF Filing: Details

21Shares, a digital asset manager, has filed with the U.S. Securities and Exchange Commission (SEC) to launch a spot Dogecoin exchange-traded fund (ETF).

This filing, submitted on April 9th, represents a significant milestone for Dogecoin. Originating in 2013 as a playful meme, Dogecoin now boasts a market capitalization exceeding $24 billion, solidifying its position as the eighth-largest cryptocurrency.

According to the Form S-1 registration statement, the proposed ETF aims for direct Dogecoin price tracking. While the filing doesn't specify a ticker symbol or exchange, it confirms Coinbase Custody as the custodian. 21Shares is also collaborating with House of Doge, the Dogecoin Foundation's corporate arm, for marketing support.

The fund is in its early stages. SEC approval requires a subsequent 19b-4 filing to formally initiate the review process. Until then, the DOGE ETF remains a proposal, yet it's part of a broader trend of innovative crypto ETF filings.

A "Spaghetti Cannon" Approach

This filing is the latest in a series of crypto ETF applications from 21Shares, which already manages spot Bitcoin and Ether funds. Earlier this year, they filed for a spot Polkadot ETF and, in 2024, proposed an XRP fund.

This surge in filings has been noted. Bloomberg ETF analyst James Seyffart described the strategy as a "spaghetti cannon approach," where firms submit numerous applications to see which gain SEC approval under the current regulatory framework. 21Shares, alongside Grayscale and Bitwise, is actively testing the SEC's receptiveness to expanding the crypto ETF market.

Seyffart and fellow analyst Eric Balchunas predict a 75% chance of SEC approval for a spot Dogecoin ETF this year. Crypto betting platform Polymarket offers a more conservative estimate of 64%.

Dogecoin ETF Launches in Switzerland

While the U.S. filing awaits regulatory review, 21Shares has launched a fully backed Dogecoin ETP on the SIX Swiss Exchange, trading under the ticker "DOGE" with a 2.5% annual fee.

"Dogecoin has transcended its status as simply a cryptocurrency," stated 21Shares president Duncan Moir. "It's a cultural and financial movement driving mainstream interest. This fund provides investors with a regulated entry point into this momentum."