Asset manager 21Shares has filed an amendment for its Dogecoin ETFs

Asset manager 21Shares has filed an amendment for its application to offer a Dogecoin ETF, which it filed last month. This development comes just weeks after the US Securities and Exchange Commission (SEC) acknowledged the filing, kicking off the review process.

21Shares Is Amending Its S-1 Form

According to a recent SEC filing, 21Shares has amended its application to offer a Dogecoin ETF. The asset manager had initially filed the S-1 form for this fund on April 9, showing its intention to offer institutional investors direct exposure to the top meme coin. Meanwhile, Nasdaq had filed the 19b-4 form to list and trade shares of this ETF, which officially began the approval process.

This amended filing makes things more interesting. Typically, the SEC comments on an application before making a decision. However, these amendments follow comments made by the SEC. As such, this filing suggests that the Commission is in communication with the asset manager, which provides optimism about an approval at some point.

The SEC recently delayed its decision on Grayscale’s Dogecoin ETF application while seeking more comments and rebuttals on the filing. The next deadline for the Commission to decide on this application is August 19. The fourth and final deadline is on October 18.

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Earlier this month, the SEC also delayed its decision on Bitwise’s first attempt to launch a Dogecoin ETF in the US. The Commission had set an April 1 deadline for the Commission to decide on this application. However, the SEC is yet to approve any applications to offer institutional investors direct exposure to the meme coin.

The next deadline for this filing is June 15, when the Commission is also likely to delay the application. The third and fourth deadlines are on September 13 and November 12, respectively. According to Bloomberg analyst James Seyffart, approval is likely to come in the early part of the fourth quarter.

Odds Of An Approval This Year

Polymarket data shows that there is a 69% chance of the SEC approving a Dogecoin ETF by December 31. Meanwhile, there is only a 15% chance that an approval will come by July 31.

Bloomberg analysts Seyffart and Balchunas have also shared their thoughts on the odds of an approval for a DOGE ETF this year.

Balchunas reached these odds based on the assumption that the SEC views DOGE as a commodity, as well as the fact that there is a regulated futures market for the meme coin. A futures market increases the chances of an approval since the court ruled in the Grayscale case that the spot and futures markets are similar.

At the time of writing, the Dogecoin price is trading at around $0.20, down over 9% in the last 24 hours, according to data from CoinMarketCap.