21Shares files for spot Dogecoin ETF in the US

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 follows similar filings from competitors Bitwise and Grayscale.

According to the firm's April 9th Form S-1 registration statement, the 21Shares Dogecoin ETF aims to track the price of Dogecoin (DOGE). House of Doge, the corporate arm of the Dogecoin Foundation, will assist 21Shares with marketing the fund.

21Shares designated Coinbase Custody as the proposed custodian for its Dogecoin ETF. However, the firm did not disclose the ETF's fee, ticker symbol, or intended listing exchange.

Source: James Seyffart

21Shares must also submit a 19b-4 filing with the SEC to initiate the regulatory approval process.

DOGE currently boasts a $24.2 billion market capitalization, ranking as the eighth-largest cryptocurrency by market value. Created in 2013 as a joke, it's a fork of Lucky Coin, which itself is a fork of Bitcoin.

This proposed Dogecoin ETF represents 21Shares' latest expansion into spot crypto ETF offerings, currently including only Bitcoin (BTC) and Ether (ETH) funds. The issuer also filed with the SEC in February to launch a spot Polkadot (DOT) ETF and filed for a spot XRP (XRP) ETF last year.

The recent surge in crypto ETF filings reflects what Bloomberg ETF analyst James Seyffart described in February as a "spaghetti cannon approach," with issuers testing which products the new SEC leadership might approve. "Issuers will try to launch many different things and see what sticks," Seyffart stated.

Seyffart and fellow Bloomberg ETF analyst Eric Balchunas estimated in February a 75% chance of SEC approval for a spot Dogecoin ETF this year. Polymarket, a betting platform, currently assigns a 64% probability of approval.

21Shares and House of Doge Partner for DOGE Funds in Switzerland

On April 9th, 21Shares also announced a partnership with House of Doge to launch a fully backed Dogecoin exchange-traded product on Switzerland's SIX Swiss Exchange. This 21Shares Dogecoin product will trade under the ticker "DOGE" with a 2.5% fee.

21Shares president Duncan Moir stated that 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."