The prospect of a Dogecoin exchange-traded fund (ETF) finally making its way into the U.S. financial markets has taken a major step forward and now feels more realistic than ever.

This fresh optimism stems from a significant regulatory update: the U.S. Securities and Exchange Commission (SEC) has officially acknowledged the 21Shares filing for a Dogecoin ETF, kicking off the formal review process.

The SEC’s acknowledgment of 21Shares’ DOGE ETF filing signals the start of an official review process. On May 13, the Commission published a notice confirming that Nasdaq’s request to list and trade shares of the 21Shares Dogecoin ETF had been received, kicking off the proposal.

However, it is crucial to note that this step does not indicate an approval. Instead, it initiates a period of scrutiny and public comment that can last up to 240 days before a final decision is due. In fact, the SEC’s ultimate deadline for the 21Shares Dogecoin ETF would be January 9, 2026, if all extensions are utilized. But for now, the acknowledgment locks in a timeline and affirms that the agency is actively considering the DOGE fund idea.

21Shares, a Switzerland-based asset manager, filed its initial registration for a spot Dogecoin ETF on April 9. The firm partnered with the Dogecoin Foundation’s corporate arm, known as House of Doge, to help promote the fund. According to the filing, the proposed ETF is designed as a passive trust holding actual DOGE tokens, tracking a benchmark index of the meme coin’s price without using leverage or derivatives. Moreover, Coinbase Custody Trust will serve as the custodian for the fund’s DOGE holdings.

The review of the Dogecoin ETF comes at a time when the SEC’s stance on crypto products is shifting.

Under the new leadership of SEC Chair Paul Atkins, the agency has shown signs of a more open approach toward cryptocurrency investments. The current administration in Washington is described as more crypto-friendly than its predecessor, and the SEC has recently taken steps like dismissing cases against crypto companies and engaging in crypto-focused discussions with industry stakeholders. This backdrop of a softer regulatory outlook gives the DOGE ETF bid a fighting chance that might not have existed just a couple of years ago.

In addition to 21Shares, several other asset management firms have filed applications to launch Dogecoin ETFs in the United States. Bitwise Asset Management submitted its application for a spot Dogecoin ETF on January 28, with NYSE Arca slated to list the fund. REX Shares, in partnership with Osprey Funds, filed for a Dogecoin ETF in January 2025. Their application is among different memecoins, including products linked to the $TRUMP token and BONK.

As of mid-May, the SEC is currently reviewing DOGE ETF applications from 21Shares, Bitwise, Grayscale, and the REX-Osprey partnership. Industry analysts estimate a 63% to 75% chance of approval for these ETFs in 2025.