Digital asset supervisor 21Shares has filed with the US Securities and Change Fee to launch a spot Dogecoin exchange-traded fund, following comparable filings from rivals Bitwise and Grayscale.
The 21Shares Dogecoin ETF would search to trace the value of the memecoin Dogecoin (DOGE), according to the agency’s April 9 Type S-1 registration assertion. The Dogecoin Basis’s company arm, Home of Doge, plans to help 21Shares with advertising and marketing the fund.
21Shares mentioned Coinbase Custody could be the proposed custodian of its Dogecoin ETF however didn’t specify a price, ticker or what inventory change it could checklist on.
Supply: James Seyffart
21Shares should additionally file a 19b-4 submitting with the SEC to kickstart the regulator’s approval course of for the fund.
DOGE presently has a $24.2 billion market cap and is the eighth-largest cryptocurrency by worth. It was created in 2013 as a joke and is a fork of Fortunate Coin, which itself is a fork of Bitcoin.
21Shares’ proposed Dogecoin ETF is the corporate’s newest effort to develop its spot crypto ETF choices, which presently consists of solely a spot Bitcoin (BTC) and Ether (ETH) fund.
The issuer additionally filed with the SEC in February to launch a spot Polkadot (DOT) ETF and final yr, it filed to create a spot XRP (XRP) ETF.
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The current surge in crypto ETF filings displays a “spaghetti cannon method” from issuers testing which merchandise the new SEC leadership may approve, Bloomberg ETF analyst James Seyffart mentioned in February.
“Issuers will attempt to launch many many various issues and see what sticks,” Seyffart mentioned.
Seyffart and fellow Bloomberg ETF analyst Eric Balchunas mentioned in February that there is a 75% chance that the SEC will approve a spot Dogecoin ETF this yr, whereas the betting platform Polymarket presently gives approval odds of 64%.
21Shares and Home of Doge associate for DOGE funds in Switzerland
21Shares additionally said on April 9 that it partnered with House of Doge to launch a totally backed Dogecoin exchange-traded product on Switzerland’s SIX Swiss Exchange.
The 21Shares Dogecoin product will commerce beneath the ticker “DOGE” with a 2.5% price.
21Shares president Duncan Moir mentioned that Dogecoin “has turn into greater than a cryptocurrency: it represents a cultural and monetary motion that continues to drive mainstream adoption, and DOGE provides traders a regulated avenue to be a part of this thrilling undertaking.”
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