21Shares Teams Up with House of Doge to Launch the First Dogecoin ETP

Crypto exchange-traded products platform 21Shares has teamed up with the House of Doge to launch the first Dogecoin ETP (DOGE) backed by the Dogecoin Foundation and available for institutional investors.

Announced via press release on Wednesday, the physically-backed product will be listed on SIX Swiss Exchange with the ticker DOGE.

The House of Doge is a non-profit organization dedicated to supporting and promoting the Dogecoin ecosystem.

According to 21Shares, the ETP will provide investors with the most direct and accessible way to gain exposure to the cryptocurrency.

“Dogecoin has become more than a cryptocurrency; it’s a cultural and financial movement that continues to drive mainstream adoption,” said 21Shares president Duncan Moir.

“We are pleased to partner with the House of Doge to offer this unique and innovative ETP.”

Dogecoin was created in 2013 by software engineers Billy Markus and Jackson Palmer as a fun, decentralized alternative to Bitcoin.

The product launch follows the U.S. Securities and Exchange Commission’s acknowledgment in February of a Dogecoin ETF submission from NYSE Arca.

The ETF, which will be reviewed by the SEC, will track Dogecoin’s price via CoinDesk’s DCX index, while authorized participants will handle cash instead of Dogecoin directly.