Nasdaq has formally submitted a request to the U.S. Securities and Exchange Commission (SEC) to list and trade a Dogecoin ETF operated by 21Shares.

The procedure, carried out through the S-1 form, begins the evaluation period for the approval of the proposed fund, which would offer exposure to the cryptocurrency for institutional investors. DOGE is a memecoin that was born as a joke and today maintains an active user base and a market capitalization of nearly $27 billion.

The SEC must now publish the filing in the Federal Register and open a public comment period before making a decision. This process is standard for all new ETF proposals, whether for traditional assets or cryptocurrencies. It’s worth noting that 21Shares had already filed a 19b-4 form for this same product weeks ago, signaling its intent to enable institutional investment vehicles based on Dogecoin.

Other Firms Follow 21Shares’ Lead

In addition to 21Shares, Grayscale and Bitwise also submitted similar proposals, showcasing that several asset managers are aiming to be ready for a potential surge in institutional demand for Dogecoin. The possibility that more companies might initiate filings in the upcoming months remains open, especially if market volume increases or media attention toward the popular memecoin escalates.

Dogecoin’s price experienced a 2% uptick following the filing announcement, reaching a value of $0.1796 per unit. Some analysts believe there could be price surges if these funds receive approval. Trader Tardigrade noted that Dogecoin has been bouncing within different ranges, with false breakouts preventing significant progress, but he anticipates a definitive breakout to occur soon.