Nasdaq Charges Into the Future with Groundbreaking Proposal to List the 21Shares Dogecoin ETF

Nasdaq is moving full steam ahead with its future plans. In a new development, the exchange behemoth has filed a proposal with the U.S. Securities and Exchange Commission (SEC) to list and trade shares of the 21Shares Dogecoin exchange-traded fund (ETF).

Nasdaq's Proposal to List 21Shares Dogecoin ETFif approved by the SEC, the ETF, managed by 21Shares US LLC, would be available for trading on Nasdaq and offer investors indirect access to Dogecoin through a traditional brokerage account. The Trust, a passive investment vehicle, will not engage in leverage, derivatives, or speculative trading. It will track the performance of dogecoin using the CF DOGE-Dollar US Settlement Price Index.

“The Trust’s investment objective is to seek to track the performance of dogecoin, as measured by the Pricing Benchmark, adjusted for the Trust’s expenses and other liabilities,” the filing explains.

The trust will hold actual dogecoin, with Coinbase Custody Trust Company LLC serving as the custodian. Shares will be created and redeemed solely with cash through authorized participants, who will not directly interact with DOGE. Instead, a designated third party, referred to as a “Dogecoin Counterparty,” will handle the purchase or sale of dogecoin in connection with share creations and redempptions.

“Authorized Participants will deliver only cash to create shares and will receive only cash when redeeming shares,” the filing explains.

The trust further clarifies that it “will not acquire and will disclaim any incidental right (‘IR’) or IR asset received, for example as a result of forks or airdrops,” ensuring a pure exposure to DOGE without speculative elements.

The filing also highlights that Nasdaq is prepared to meet regulatory standards through its surveillance mechanisms.

“The exchange believes that its surveillance procedures are adequate to properly monitor the trading of the shares on the exchange during all trading sessions and to deter and detect violations of exchange rules and the applicable federal securities laws,” the filing adds.

To support surveillance, Nasdaq has a comprehensive information-sharing agreement with Coinbase Derivatives, a member of the Intermarket Surveillance Group. The proposed ETF will only begin trading after the SEC declares the related registration statement effective.

If approved, the 21Shares Dogecoin ETF would join recent approvals for bitcoin and ether spot-based exchange-traded products, marking another major expansion for crypto-based investment vehicles in traditional financial markets.