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21Shares has taken a significant step by filing with the US Securities and Exchange Commission to launch a spot Dogecoin ETF. This initiative aims to track the real-time price of the popular memecoin currently valued at $0.1577. As the Dogecoin Foundation’s House of Doge gears up to support the marketing efforts for this ETF 21Shares has enlisted Coinbase Custody as the proposed custodian although details such as fees and listing specifics remain undisclosed.
The filing represents 21Shares’ ongoing expansion into the cryptocurrency exchange-traded funds market. Already offering Bitcoin and Ether funds the firm looks to broaden its portfolio which includes proposed ETFs for Polkadot and XRP. Digital assets continue to draw interest with Dogecoin now ranking as the eighth-largest cryptocurrency by market capitalization.
Analysts are optimistic about the potential SEC nod for the Dogecoin ETF with Bloomberg’s experts suggesting a 75% approval likelihood this year. This move is part of a broader trend among issuers who are eagerly testing the waters under the new SEC leadership hoping to capitalize on the growing crypto ETF market.
