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Nasdaq's Application for a 21Shares Dogecoin ETF

Nasdaq has submitted an application to the Securities and Exchange Commission (SEC) to list and trade a 21Shares Dogecoin exchange-traded fund (ETF). This ETF will track the DOGE-USD index provided by CF Benchmarks and will be managed by 21Shares US LLC. Approval could significantly increase both retail and institutional investor access to Dogecoin, potentially boosting its overall profile.

The application, filed under Rule 5711(d), outlines the ETF's structure. 21Shares US LLC will manage the fund, with Coinbase Custody responsible for secure storage of the Dogecoin assets. The ETF will utilize a cash-only subscription and redemption model, eschewing leverage and derivatives for enhanced transparency and direct market exposure. Approval would expand Nasdaq's cryptocurrency offerings beyond established large-cap cryptocurrencies.

Nasdaq's April 25th comment letter to the SEC emphasized the need for consistent regulatory treatment of digital assets that function similarly to traditional securities.

Dogecoin's Market Position and Future Outlook

The potential listing of a Dogecoin ETF represents a significant development for memecoins, following the success of ETFs tracking larger cryptocurrencies like Bitcoin and Ethereum.

As of April 29, 2025, at 20:19 UTC, Dogecoin (DOGE) was priced at $0.18, with a market capitalization of $26.49 billion (according to CoinMarketCap). It held a market dominance of 0.89%. A 24-hour decrease of 36.79% in trading volume reflects recent market trends.

(Dogecoin (DOGE) daily chart, screenshot from CoinMarketCap at 20:19 UTC on April 29, 2025)

Coincu Research suggests that SEC approval of a Dogecoin ETF could significantly alter the memecoin investment landscape, improving financial governance and attracting a wider range of investors. Historically, regulatory acceptance has often correlated with increased asset adoption. For further analysis of market trends, please see Eric Balchunas' commentary.