21Shares, a Switzerland-based asset management firm, has officially filed to launch a spot Dogecoin exchange-traded fund (ETF) in the United States. This move positions the firm among the front-runners seeking to bring DOGE into the realm of regulated investment products.
According to the S-1 registration statement submitted to the U.S. Securities and Exchange Commission (SEC), the proposed ETF aims to track the actual market performance of Dogecoin. The filing emphasizes that the ETF will operate as a passive investment vehicle, without the use of leverage or derivatives.
ETF to Hold Actual Dogecoin in Custody
In the filing, 21Shares confirmed that the ETF would be backed by physical Dogecoin, not futures or synthetic contracts. The ETF’s holdings will reflect the real-time price index of DOGE, giving investors direct exposure to the asset’s market value.
Coinbase Custody Trust Company will serve as the official custodian, safeguarding the Dogecoin assets. Meanwhile, 21Shares will take on the role of ETF sponsor, overseeing its overall structure and administration.
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While the S-1 offers a glimpse into the ETF’s framework, several details remain undisclosed. The trading venue, ticker symbol, management fee, and trustee identity have not yet been announced.
Should 21Shares decide on the listing exchange, that exchange would need to file a Form 19b-4 with the SEC. This step would initiate a formal review process and potentially bind the SEC to a regulatory approval timeline.
House of Doge Joins as Strategic Service Provider
In a strategic partnership, the House of Doge, the corporate arm of the Dogecoin Foundation, will provide the ETF with licensing, marketing, and strategic advisory services. This collaboration follows a recent deal between the two entities for the launch of a Dogecoin ETP on the SIX Swiss Exchange, trading under the ticker DOGE with a 2.5% management fee.
After introducing the ETP in Europe, 21Shares and House of Doge extended their alliance to include a potential U.S. ETF launch—further cementing their commitment to legitimizing Dogecoin as a regulated asset.
21Shares’ application marks the third active filing for a spot Dogecoin ETF in the United States. Grayscale and Bitwise previously submitted proposals to launch their respective DOGE ETFs, each seeking a listing on NYSE Arca. The exchange has already submitted 19b-4 filings on behalf of both funds.
The SEC acknowledged Grayscale’s filing in February, putting the application one step closer to a potential green light.
From Meme to Mainstream: DOGE’s Evolving Role
Approval of a Dogecoin ETF could mark a pivotal moment in the token’s transformation from a meme coin into a mainstream financial asset. Industry leaders such as Robinhood CEO Vladimir Tenev have publicly backed Dogecoin as a potential internet-native currency.
Adding a layer of irony, DOGE shares its name with a recently announced U.S. federal agency, the Department of Government Efficiency (D.O.G.E.), reportedly led by Tesla CEO Elon Musk. The agency’s mission is to cut government waste and inefficiency, aligning humorously with the meme coin’s origins.
With 21Shares now in the spotlight and regulatory pressure building, the race to launch the first U.S. spot Dogecoin ETF is more competitive than ever. As the SEC reviews multiple filings, the crypto community waits to see whether DOGE can make the leap from internet culture to Wall Street legitimacy.
