21Shares Seeks SEC Approval for Dogecoin Spot ETF

21Shares has filed a proposal with the U.S. Securities and Exchange Commission (SEC) for a spot exchange-traded fund (ETF) based on Dogecoin.

On April 9th, the company submitted a Form S-1 registration statement detailing the plans for the 21Shares Dogecoin ETF. This fund will track Dogecoin's price using the CF DOGE-Dollar US Settlement Price Index as its benchmark, with Coinbase Custody serving as the custodian.

Designed as a passive investment vehicle, the ETF will not employ leverage or derivatives. It will directly hold Dogecoin and calculate its daily net asset value (NAV) based on the CF DOGE-Dollar US Settlement Price Index. Trading will be limited to share creations, redemptions, and fee coverage.

To enhance community engagement, 21Shares has partnered with House of Doge, the Dogecoin Foundation's official corporate entity. This collaboration aims to improve the ETF's marketing, branding, and positioning within the Dogecoin ecosystem. This is part of a broader strategy between 21Shares and House of Doge. Significantly, 21Shares launched the world's first Dogecoin ETP on the SIX Swiss Exchange (ticker: "DOGE") just before the SEC filing.

21Shares President Duncan Moir highlighted the ETP as a regulated way for investors to participate in what he called a "cultural and financial movement," emphasizing its significance in the investment landscape.

Other issuers, including Grayscale, Bitwise, and Rex Shares, have also submitted Dogecoin ETF filings to the SEC. The SEC accepted Grayscale's Form 19b-4 filing on February 13th, initiating a 240-day review period. Bitwise submitted its 19b-4 proposal via NYSE Arca on March 3rd.