21Shares has officially filed a proposal with the U.S. Securities and Exchange Commission (SEC) for a spot exchange-traded fund (ETF) based on Dogecoin.
On April 9, the company submitted a Form S-1 registration statement outlining the plans for the 21Shares Dogecoin ETF. This fund will track the price of Dogecoin using the CF DOGE-Dollar US Settlement Price Index as its benchmark, with Coinbase Custody proposed as the custodian for the assets.
Designed as a passive investment vehicle, the ETF will not use leverage or derivatives. Instead, it will directly hold Dogecoin and calculate its daily net asset value (NAV) based on the CF DOGE-Dollar US Settlement Price Index. The Trust will refrain from actively trading Dogecoin, except during share creations and redemptions or when covering specific fees.
To enhance its community engagement and outreach, 21Shares has partnered with House of Doge, the official corporate entity of the Dogecoin Foundation. This collaboration aims to bolster the marketing, branding, and strategic positioning of the ETF within the expanding Dogecoin ecosystem. This initiative is part of a broader multi-faceted strategy between 21Shares and House of Doge. Notably, just a day before the SEC filing, 21Shares made headlines by launching the world’s first Dogecoin ETP on Switzerland’s SIX Swiss Exchange, trading under the ticker “DOGE.”
21Shares’ commitment to innovating within the cryptocurrency landscape.
21Shares President Duncan Moir emphasized that the ETP provides investors with a regulated means to participate in what he described as a “cultural and financial movement,” underscoring its importance in the broader investment landscape.
Meanwhile, the SEC has also received filings for a Dogecoin ETF from other issuers, including Grayscale, Bitwise, and Rex Shares. Notably, the SEC accepted Grayscale’s Form 19b-4 filing on February 13, triggering a 240-day review period to evaluate the proposed rule change for listing its DOGE ETF. Similarly, Bitwise submitted its 19b-4 proposal via NYSE Arca on March 3.
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