21Shares, a prominent digital asset manager, has submitted an application to the U.S. Securities and Exchange Commission (SEC) for a spot Dogecoin ETF. This proposed fund would track the price of Dogecoin (DOGE), currently trading at $0.1548 with a market capitalization of $24.2 billion, making it the eighth-largest cryptocurrency.

The April 9th filing indicates Coinbase Custody as the custodian, though 21Shares has yet to announce the ETF's fee, ticker symbol, or the exchange where it will be listed. House of Doge, the corporate arm of the Dogecoin Foundation, will assist with the fund's marketing efforts.

This application follows similar filings from competitors Bitwise and Grayscale, and is part of 21Shares' broader strategy to expand its crypto ETF offerings, which already include spot Bitcoin and Ether funds. The firm has also previously filed for spot Polkadot and XRP ETFs.

Bloomberg ETF analysts James Seyffart and Eric Balchunas estimate a 75% probability of SEC approval for a spot Dogecoin ETF in 2025. Polymarket, a prediction platform, places the odds at 64%.

In related news, 21Shares announced a partnership with House of Doge to launch a fully backed Dogecoin ETP on Switzerland's SIX Swiss Exchange. This product, trading under the ticker "DOGE," will have a 2.5% annual fee.

21Shares president Duncan Moir stated, "Dogecoin has become more than a cryptocurrency; it's a cultural and financial movement, and this ETF offers investors a regulated way to participate."

The competition to launch crypto ETFs is intensifying, with issuers keenly awaiting the SEC's next approval.