Dogecoin ETF Race Joined by 21Shares

Three crypto asset managers are now vying to bring a spot Dogecoin ETF (DOGE) to the U.S. market. 21Shares has joined Bitwise and Grayscale in this pursuit.

The Switzerland-based 21Shares submitted an initial S-1 filing with the U.S. Securities and Exchange Commission on Thursday. The proposed fund will be custodied by 21Shares and Coinbase. Details regarding the management fee, ticker symbol, and listing exchange remain unannounced. The chosen exchange will need to file a 19b-4 document with the SEC to finalize the submission and establish a regulatory decision deadline.

As part of the filing, 21Shares partnered with the Dogecoin Foundation's corporate arm, House of Doge, for marketing support.

Approval of a DOGE ETF would mark a significant milestone, creating the first ETF tracking a meme coin—a cryptocurrency initially conceived as a joke. However, DOGE has transcended its origins, even inspiring the name of a government initiative: the Department of Government Efficiency (DOGE), led by Elon Musk.

DOGE currently holds the ninth-largest cryptocurrency market capitalization, valued at $23 billion.