Nasdaq has submitted a 19b-4 filing with the U.S. Securities and Exchange Commission (SEC) to approve the listing of a spot Dogecoin exchange-traded fund (ETF) managed by 21Shares, according to a Monday report by Bloomberg.

A 19b-4 filing is a part of the process for proposing an ETF to the SEC. Once acknowledged by the SEC, the application will be published in the Federal Register, tying the regulator to a decision deadline.

The proposed Dogecoin ETF will operate as a passive investment product, with shares being created and redeemed in blocks of 10,000 through authorized participants using cash transactions only, the filing stated. The trust will not use leverage or derivatives, and trading of ETF shares will be subject to Nasdaq’s surveillance procedures and trading rules.

In supporting the proposal, Nasdaq pointed to its membership in the Intermarket Surveillance Group (ISG), which provides strong surveillance-sharing agreements to help detect and prevent potential manipulation in the underlying Dogecoin market.

When the Switzerland-based crypto asset manager filed its S-1 form on April 9, it also announced an “exclusive” partnership with the House of Doge, which will help market the fund.

DOGE is currently the 8th biggest cryptocurrency by market cap at $26.6 billion, CoinGecko data shows.

If approved, the meme coin ETF will be the first to track an asset class that began as a joke. But DOGE has since evolved into something more, with the administration rolling out a new initiative called the Department of Government Efficiency (DOGE), helmed by technocrat Elon Musk.

Flurry Of Altcoin ETF Filings

21Shares application comes at a time when interest in altcoin-based funds has skyrocketed, fueled by a wave of new filings and a more lenient regulatory environment under the Donald Trump administration.

Firms, including Grayscale, as well as Fidelity, Franklin Templeton, Bitwise, and Canary Capital, are seeking the SEC’s regulatory clearance for various crypto-related ETFs such as Solana (SOL), Ripple’s XRP, Litecoin (LTC), Cardano, and Official Trump (TRUMP).

Bloomberg analysts in February estimated that LTC ETFs (90%) have the highest likelihood of approval, followed by Dogecoin funds (75%), Solana (70%), and XRP (65%) products.