Nasdaq has officially filed an application with the U.S. Securities and Exchange Commission (SEC) to list and trade shares of the 21Shares Spot Dogecoin Exchange-Traded Fund (ETF), marking a significant step toward mainstream acceptance of Dogecoin in the regulated investment space.
Details of the 21Shares Dogecoin ETF
The proposed ETF will provide investors with passive exposure to Dogecoin (DOGE) by tracking the CF DOGE-Dollar U.S. Settlement Price Index, without engaging in speculative trading practices such as leverage or derivatives. The fund is structured as a Maryland statutory trust, with 21Shares acting as sponsor and manager, and Coinbase Custody designated as the custodian of the underlying Dogecoin assets.
This ETF aims to offer a regulated, accessible way for institutional and retail investors to gain exposure to Dogecoin through traditional brokerage accounts, eliminating the complexities and risks of holding DOGE directly on crypto exchanges.
Regulatory Context and Market Environment
Nasdaq’s filing follows 21Shares’ initial S-1 submission in early April 2025 and comes amid a surge of crypto ETF applications. Currently, the SEC is reviewing over 70 crypto ETF proposals covering a broad spectrum of digital assets, including altcoins like Solana, XRP, Polkadot, and memecoins such as Bonk and Official Trump.
This influx of applications follows a more crypto-friendly regulatory stance under the current SEC chair, Paul Atkins, who has expressed optimism about digital assets and aims to work with lawmakers to establish clear regulatory frameworks. The SEC has already approved spot Bitcoin and Ethereum ETFs in 2024, setting a precedent for further approvals.
Despite this momentum, the SEC has delayed decisions on several crypto ETFs, including those tracking Dogecoin and XRP, extending review periods to mid-June 2025 to allow more thorough consideration.
Significance for Dogecoin and the Crypto Market
Dogecoin, originally created as a meme cryptocurrency, has evolved into a serious digital asset with a market capitalization nearing $26 billion as of late April 2025. Its proof-of-work blockchain is designed to facilitate faster and cheaper peer-to-peer payments compared to Bitcoin, processing over 40,000 transactions daily.
The launch of a spot Dogecoin ETF would broaden investor access, enabling passive investment in DOGE without direct exposure to the volatility and custody challenges of the crypto market. Additionally, upcoming technological developments, such as planned layer-2 scaling solutions to support smart contracts on the Dogecoin network, may further enhance its utility and appeal.
Broader Industry Implications
Nasdaq’s move to list the 21Shares Dogecoin ETF reflects growing confidence in the expansion of crypto investment products beyond Bitcoin and Ethereum. Alongside competitors like Bitwise and Grayscale, 21Shares is among the few asset managers actively pursuing SEC approval for spot Dogecoin ETFs.
Moreover, Nasdaq has advocated for consistent regulatory standards for digital assets, urging the SEC to apply the same oversight to cryptocurrencies that qualify as securities, reinforcing the push for clearer and firmer crypto regulation in the U.S.
Outlook
The SEC’s decision on the 21Shares Dogecoin ETF is expected within a 240-day review window following the filing’s acknowledgment, potentially by late 2025. Market sentiment estimates about a 59% chance of approval for a Dogecoin ETF this year.
This development is part of a broader trend of increasing institutional interest and regulatory evolution in the crypto ETF space, signaling a transformative phase for digital asset investment options in the United States.
