21Shares Files for Dogecoin Spot ETF with SEC

Digital asset management firm 21Shares has filed an S-1 registration statement with the U.S. Securities and Exchange Commission (SEC) on April 9, seeking approval to launch a spot Dogecoin exchange-traded fund (ETF). If approved, this would mark a significant step in bringing institutional-grade investment options for Dogecoin to the U.S. market.

According to the S-1 filing, the proposed fund, named the 21Shares Dogecoin ETF, aims to enable investors to track the price of DOGE without directly purchasing the cryptocurrency. The fund's underlying Dogecoin assets will be securely held by Coinbase Custody Trust Company, while the House of Doge, the corporate arm of the Dogecoin Foundation, will collaborate with 21Shares to bolster marketing efforts. Notably, this filing coincides with 21Shares' launch of a fully-backed Dogecoin exchange-traded product (ETP) on Switzerland's SIX Swiss Exchange, also in collaboration with the House of Doge. This dual effort underscores the firm's global ambitions for enhancing Dogecoin accessibility.

Dogecoin, a cryptocurrency launched in 2013 as a lighthearted fork of Luckycoin (itself a derivative of Bitcoin), has since grown into the eighth-largest digital asset by market capitalization, valued at $24.2 billion. 21Shares is not the first institution to express interest in a Dogecoin ETF; Bitwise has previously filed S-1 for similar products, and Grayscale has already filed 19b-4 for its Dogecoin Trust, further highlighting institutional interest in the token.

The timing of 21Shares' S-1 filing may prove fortuitous. The launch of the ETF hinges on two key approvals: the effectiveness of the S-1 registration and the SEC's approval of a subsequent 19b-4 application, which would initiate the formal review process. On April 9, the U.S. Senate confirmed Paul Atkins as the new chairman of the SEC in a 52-44 vote. Atkins, widely regarded as crypto-friendly compared to his predecessor Gary Gensler, is seen by the crypto community as a potential turning point in the SEC's stance toward digital assets.

Additionally, 21Shares is exploring the launch of ETFs that track the prices of other cryptocurrencies, such as Solana and Polkadot.

"Registered investment vehicles are essential for broadening access to digital assets, and Dogecoin’s growing adoption underscores its significance in the crypto ecosystem," said Duncan Moir, President of 21Shares, in a statement. "“By partnering with the House of Doge, we are taking a pivotal step in bringing transparent and institutional-grade investment options to the market."