21Shares has submitted a proposal to the U.S. Securities and Exchange Commission (SEC) for a spot exchange-traded fund (ETF) tracking Dogecoin.

On April 9th, the company filed a Form S-1 registration statement with the SEC, detailing plans for the 21Shares Dogecoin ETF. This ETF will track Dogecoin's (DOGE) price using the CF DOGE-Dollar US Settlement Price Index as its benchmark, with Coinbase Custody serving as the custodian.

The ETF is designed as a passively managed investment vehicle, meaning it will not utilize leverage or derivatives. It will hold actual Dogecoin and calculate its daily net asset value (NAV) based on the benchmark index. Trading of DOGE will be limited to share creations, redemptions, and covering certain fees.

To enhance outreach and community engagement, 21Shares has partnered with House of Doge, the corporate arm of the Dogecoin Foundation, for marketing, branding, and strategic positioning within the Dogecoin ecosystem.

This SEC filing solidifies a multi-pronged Dogecoin strategy between 21Shares and House of Doge. Just a day prior, 21Shares launched the world's first Dogecoin exchange-traded product (ETP) on the SIX Swiss Exchange, trading under the ticker "DOGE." 21Shares president Duncan Moir stated the ETP provides investors with a regulated way to participate in what he termed a "cultural and financial movement."

The SEC has also received Dogecoin ETF applications from Grayscale, Bitwise, and Rex Shares in recent months. Grayscale's Form 19b-4 filing was acknowledged by the Commission on February 13th, initiating a 240-day review period. Bitwise submitted its own 19b-4 proposal through NYSE Arca on March 3rd.

According to Polymarket, a prediction market platform, there's currently a 64% probability of a spot Dogecoin ETF approval this year.