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.

Earlier this year, 21Shares teamed up with the Dogecoin Foundation’s corporate wing, House of Doge, to launch an initiative focused on increasing awareness of Dogecoin and its role in the broader crypto ecosystem. As part of this effort, they filed an application to list a Dogecoin ETF on Nasdaq.

SEC Acknowledges NASDAQ’s Filing To List And Trade Shares of 21Shares’ Dogecoin ETF

The SEC’s nod to the 21Shares DOGE ETF filing signals the startup of an official review process. On May 13, the Commission published a notice confirming that Nasdaq’s request to list the 21Shares Dogecoin ETF had been received, which in turn puts the proposal on the public docket.

However, it’s crucial to understand that this step does not equal an approval. Instead, it initiates a period of scrutiny and public comment that can span 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, positioning the ETF to be marketed towards both institutional and retail brokerage channels.

DOGE ETF Race Heats Up. Now Closer Than Ever

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

As the new Chair of the SEC, Paul Atkins has been overseeing a shift in the agency’s attitude towards cryptocurrency investments. The current administration in Washington is also described as more crypto-friendly than its predecessor. Recently, the SEC has taken steps like dismissing cases against crypto companies and is engaging in more discussions with industry stakeholders on cryptocurrency topics.

This backdrop of a softer regulatory outlook gives the DOGE ETF bid a better 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, 2025, with NYSE Arca being proposed as the listing exchange for the fund.

Meanwhile, REX Shares, in partnership with Osprey Funds, filed for a Dogecoin ETF in January 2025. Their application is among different memecoins, which includes products linked to the $TRUMP token and BONK.

As of mid-May 2025, 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 within this year.