21Shares Files for First U.S. Spot Dogecoin ETF on Nasdaq

21Shares, a prominent digital asset manager, has submitted an application to Nasdaq for the listing of the first spot Dogecoin (DOGE) exchange-traded fund (ETF) in the United States. The proposed ETF, titled 21Shares Dogecoin ETF, will directly hold Dogecoin, unlike funds relying on futures or derivatives.

21Shares Files Spot Dogecoin ETF Application with Nasdaq

The ETF will track Dogecoin's price using the CF Dogecoin-Dollar Settlement Price (DOGEUSD_RR) as its benchmark. If approved by the SEC, the fund will hold Dogecoin securely through Coinbase Custody Trust Company, offering investors regulated exposure to DOGE without leverage or complex financial instruments. 21Shares filed a Form S-1 registration statement with the SEC on April 9, 2025, outlining its approach. Nasdaq's subsequent filing of Form 19b-4 initiates the SEC's review process. Details such as the ETF's ticker symbol, management fee, and launch date are yet to be announced.

21Shares is collaborating with the House of Doge, a corporate partner of the Dogecoin Foundation, on marketing, branding, and licensing for the ETF. This follows the successful launch of 21Shares' Dogecoin ETP on the SIX Swiss Exchange (ticker: "DOGE") with a 2.5% management fee.

Competition is intensifying, with Grayscale and Bitwise also pursuing spot DOGE ETF listings in the U.S., albeit through NYSE Arca. This reflects the growing desire among asset managers to offer regulated Dogecoin investment products.

Bloomberg crypto analysts predict a 75% probability of a spot DOGE ETF approval in 2025. Such approval would mark the first U.S.-listed fund tracking a meme coin, potentially boosting Dogecoin's mainstream adoption.

Dogecoin, currently the eighth-largest cryptocurrency, boasts a market capitalization exceeding $24.2 billion and a current price of $0.1548.