Nasdaq Files a Proposal with the SEC to List and Trade Shares of the 21Shares Dogecoin ETF

Nasdaq has filed a proposal with the SEC to list and trade shares of the 21Shares Dogecoin ETF, a new investment product designed to track the price of DOGE, the most popular meme coin.

The 19b-4 filing, which was made public today, follows 21Shares' submission of an S-1 registration to the SEC earlier this month for its proposed ETF, joining Grayscale and Bitwise in seeking approval for their own DOGE-linked funds.

These proposed ETFs come as interest in altcoin-based funds has surged, evidenced by a wave of new filings and a more crypto-friendly regulatory climate under the Trump administration.

The 21Shares ETF will operate as a passively managed investment vehicle, with shares being created and redeemed in blocks of 10,000 by authorized participants using cash transactions only. The trust will not use any leverage or derivatives, the filing noted.

Trading of the ETF shares will be subject to Nasdaq's standard surveillance procedures and trading rules. The exchange will require a minimum of 40,000 shares outstanding for an initial listing of the ETF.

In support of the proposal, Nasdaq argues that its membership in the Intermarket Surveillance Group (ISG) provides "robust surveillance-sharing agreements" that will enable it to detect and deter any potential manipulation in the underlying Dogecoin market.

Earlier this month, 21Shares announced an exclusive partnership with the House of Doge to launch Dogecoin ETPs, which are the only ones endorsed by the Dogecoin Foundation. The aim is to provide institutional-grade exposure to Dogecoin in a regulated and efficient manner.

The Switzerland-based crypto asset manager is among the leading firms that have been pushing multiple crypto ETF proposals in 2025. The firm is offering products focusing on assets such as Solana, Dogecoin, XRP, and other altcoins to meet the growing demand from investors for diverse crypto investment options.