Nasdaq seeks U.S. SEC approval for listing 21Shares Dogecoin ETF

Nasdaq has filed with the U.S. Securities and Exchange Commission (SEC) for approval to list and trade 21Shares DOGE ETF shares under Nasdaq Rule 5711(d), which governs the listing and trading of Commodity-Based Trust Shares. This follows the successful launch of a 21Shares Dogecoin ETP with over $1.64 million in assets under management (AUM) and a 17% year-to-date return.

The proposed listing of 21Shares DOGE ETF shares will operate under Nasdaq Rule 5711(d). 21Shares U.S. LLC will sponsor the ETF, with a Maryland trust company serving as trustee. A third-party administrator will be appointed by the sponsor and/or trustee.

The Registration Statement clarifies that the Trust will passively track the price of Dogecoin (DOGE), without speculative trading or the use of leverage, derivatives, or similar instruments. Its investment objective is to track the performance of Dogecoin, as measured by the CF DOGE-Dollar U.S. Settlement Price Index, adjusted for expenses and liabilities.

Nasdaq's filing with the SEC seeks approval to list and trade the 21Shares DOGE ETF. Coinbase Custody Trust Company, LLC will serve as custodian, holding all Dogecoin on behalf of the Trust. When shares are sold or redeemed, DOGE will be transferred in or out of the Trust in blocks of 10,000 shares.

Importantly, the Registration Statement explicitly states that neither the Trust, the Sponsor, the Dogecoin Custodian, nor any associated party will use any portion of the Trust's Dogecoin to generate additional Dogecoin or other income.

The Registration Statement also notes that the Trust is not an investment company under the Investment Company Act of 1940, nor is it a commodity pool under the Commodity Exchange Act of 1936. Therefore, the sponsor is not subject to regulation by the Commodity Futures Trading Commission (CFTC).

Separately, 21Shares partnered with the House of Doge to launch a Dogecoin ETP in Europe, listed on the SIX Swiss Exchange under the ticker DOGE. This ETP is the only one endorsed by the Dogecoin Foundation.

21Shares President Duncan Moir highlighted the partnership as providing investors with direct access to the Dogecoin ecosystem, describing Dogecoin as a cultural and financial movement driving mainstream adoption. Jens Wiechers, Advisory Board Member at House of Doge and Co-Executive Director of the Dogecoin Foundation, stated that this partnership represents a significant step forward for the Dogecoin vision. Sarosh Mistry, Director-Elect of the House of Doge, emphasized the growing maturity and legitimacy of Dogecoin within the financial world.