21Shares Files with SEC for Spot Dogecoin ETF Approval

Key Points:

• 21Shares files a Dogecoin spot ETF application with the SEC, sparking increased institutional interest.
• Dogecoin's price jumped 8-12% following the application.
• Approval could set a precedent for other altcoin ETFs.

On April 9, 2025, 21Shares submitted an application to the U.S. Securities and Exchange Commission (SEC) for a Dogecoin spot exchange-traded fund (ETF) designed to track the price of DOGE. This action signifies growing institutional interest in cryptocurrency adoption.

This proposed Dogecoin spot ETF from 21Shares represents a significant expansion in crypto investment products, potentially offering institutional investors more secure investment avenues.

21Shares Targets Dogecoin with New Spot ETF Proposal

21Shares, a leading cryptocurrency exchange-traded product (ETP) provider, has applied to the SEC for approval to launch a Dogecoin spot ETF. The filing utilizes the CF DOGE-Dollar US Settlement Price Index. The Dogecoin Foundation's corporate arm, House of Doge, supports the initiative and is providing marketing assistance. Coinbase Custody is the proposed custodian for the ETF's Dogecoin holdings.

21Shares President, Duncan Moir, stated, “Dogecoin has become more than a cryptocurrency; it represents a cultural and financial movement [...] offering investors a regulated avenue to participate in this exciting project.” The filing reflects the increasing institutional interest in cryptocurrencies and Dogecoin's strategic position within the digital asset market. Bloomberg analyst James Seyffart described the current wave of crypto ETF filings as an aggressive "spaghetti cannon approach" by issuers.

The market reacted positively, with Dogecoin's price rising by 8-12% after the ETF filing announcement. Social media discussions focused on the potential for increased institutional legitimacy and its implications for broader adoption. Analysts predict further altcoin ETF filings if the SEC approves, indicating anticipation of greater participation in the altcoin market.

Historical Altcoin ETF Attempts and Dogecoin's Market Data

The Dogecoin spot ETF application follows previous attempts by Grayscale and Bitwise. Grayscale's proposal included a 240-day review period, highlighting the SEC's rigorous vetting process for altcoin ETFs.

According to CoinMarketCap data from April 10, 2025, Dogecoin was priced at $0.16, with a market capitalization of $23.18 billion. The cryptocurrency has shown fluctuating performance, gaining 6.8% in the previous 24 hours but declining over 53% in the past 90 days. Dogecoin's market dominance is 0.90%, with a 24-hour trading volume of $2 billion.

Dogecoin (DOGE), daily chart, screenshot from CoinMarketCap at 08:37 UTC on April 10, 2025. Source: CoinMarketCap

The Coincu research team suggests that the 21Shares filing could follow the precedent set by Bitcoin and Ethereum ETFs, paving the way for more regulated crypto products. These financial and regulatory developments offer insight into the evolving digital asset landscape and could encourage wider acceptance of cryptocurrencies as legitimate investment options.