21Shares has submitted the first-ever application to the U.S. Securities and Exchange Commission for a spot Dogecoin ETF. The growing institutional confidence in digital assets beyond Bitcoin and Ethereum is evident from the Swiss asset manager’s actions on April 10, 2025.
The Dogecoin Foundation’s corporate arm, the House of Doge, has partnered with 21Shares to efficiently market the fund. This collaboration demonstrates the increasing complexity of meme coin ecosystems and their readiness for institutional adoption.
The fund tracks the CF Dogecoin-Dollar Settlement Price Index, a passive investment instrument that holds real DOGE tokens directly, rather than derivatives. Investors can directly track the Dogecoin price movements using this framework, eliminating the hassle of managing cryptocurrency wallets or navigating online asset exchanges.
Favorable Regulatory Environment
With the SEC formally accepting 21Shares’ application on May 13, 2025, and starting the formal review process, the submission has garnered significant regulatory traction. Nasdaq then demonstrated exchange-level support for the novel product by submitting its own Form 19b-4, requesting permission to list and trade the ETF shares.
But getting clearance is still a long way off. If all extensions expire, the SEC’s final deadline will be January 9, 2026, with a maximum of 240 days to conclude.
Institutional Infrastructure at 21Shares
The company has established a robust institutional infrastructure to support the ETF. Since Coinbase Custody Trust Company will be the official custodian, the underlying DOGE tokens will be stored securely. The Coinbase collaboration addresses concerns about digital asset protection and regulatory compliance.
The fund will operate in a straightforward manner, similar to that of popular Bitcoin and Ethereum ETF structures, without the use of leverage, derivatives, or complex trading tactics. This cautious approach may be appealing to regulators who want to increase bitcoin investment alternatives while reducing systemic risks.
By approving the ETF, the entire meme coin market may receive validation, opening the door for future products that include other community-driven cryptocurrencies.
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