Nasdaq Files for 21Shares Dogecoin ETF, What Next?

Nasdaq has filed with the U.S. Securities and Exchange Commission (SEC) to list and trade the 21Shares Dogecoin Exchange Traded Fund (ETF). This initiates the SEC's review process. Approval would significantly enhance Dogecoin's (DOGE) standing in traditional finance.

Nasdaq's S-1 Filing

Nasdaq's S-1 filing with the SEC for the 21Shares Dogecoin ETF is a crucial first step. The SEC will review the application, publish it in the Federal Register, and solicit public comment before making a decision on approval or denial. This follows a 19b-4 form filed by 21Shares in April, expressing their intention to offer an ETF allowing institutional investors to access Dogecoin without directly holding the token.

Implications for Dogecoin

ETF approval would allow institutional investors (pension funds, hedge funds, banks) to readily purchase Dogecoin, potentially injecting significant capital and increasing its prominence in traditional markets. Currently, Dogecoin is trading at $0.178388 (CoinMarketCap data, reflecting a 0.46% decrease in the past 24 hours). Increased interest and investment driven by the ETF could elevate DOGE's market price. This move reflects growing confidence in the memecoin market.

Several firms, including Bitwise and Grayscale, have also submitted filings for a Dogecoin ETF, indicating considerable institutional interest. However, Canary Capital has publicly stated its lack of interest, citing Dogecoin's limited utility and unlimited supply as deterrents. Canary Capital CEO Steven McClurg highlighted these concerns in a February report.

Awaiting the SEC's Decision

The SEC will review the application, gather public feedback, and ultimately decide on approval. Continued strong demand for Dogecoin could spur further ETF filings. The crypto community awaits the SEC's decision; approval would significantly boost Dogecoin's mainstream adoption and investment appeal.

The post Nasdaq Files for 21Shares Dogecoin ETF, What Next? appeared first on TheCoinrise.com.