Nasdaq Seeks SEC Approval for Dogecoin ETF Amid 0.857% Price Drop

Dogecoin's latest price was $0.1725, down 0.857% in the last 24 hours. Nasdaq has submitted a 19b-4 form to the U.S. Securities and Exchange Commission (SEC) seeking approval to list and trade shares of the 21Shares Dogecoin ETF. This move follows 21Shares’ earlier S-1 registration filed on April 10, which aims to offer investors regulated access to DOGE. The ETF, if approved, would allow institutional investors to gain exposure to DOGE through a regulated financial product, potentially opening up the meme coin to large capital flows.

Although the ETF cannot be launched without final approval from the SEC, Nasdaq’s 19b-4 filing marks a critical milestone in the regulatory process. It represents the second and final formal step required to propose a spot cryptocurrency ETF for review. Once the SEC acknowledges the filing, it will be published in the Federal Register, and the official review period will commence, during which the agency will consider whether to approve, reject, or delay the decision.

The ETF aims to track the performance of Dogecoin, as measured by the CF DOGE-Dollar US Settlement Price Index, adjusted for the Trust’s expenses and other liabilities. It is a passive investment vehicle that will hold DOGE directly. The Trust will not utilize leverage, derivatives, or any similar arrangements to meet its investment objective. Coinbase Custody Trust will hold the fund’s tokens and serve as the official custodian for the ETF.

The SEC has delayed approval of spot Dogecoin exchange-traded funds (ETFs). The regulator has pushed out its decisions on the spot ETF applications until June of this year. Specifically, the SEC will wait until June 15 to issue a decision on the Bitwise Dogecoin ETF. In delaying its decision, the SEC said it needs more time to evaluate the proposed crypto ETFs. Many analysts had expected the delays, noting that final deadlines for most ETF filings are in October or late in the year.

The SEC has been inundated with spot ETF applications for cryptocurrencies such as Dogecoin since U.S. President Donald Trump returned to the White House. President Trump has vowed to loosen the rules and governance of cryptocurrencies, and to make America the crypto capital of the world. Spot ETFs track the price movements of various securities such as crypto.

Dogecoin, known as a “meme coin,” was started as a joke by its creators. The recent developments around a spot Dogecoin ETF and rising institutional interest provide a strong backing for the meme coin. The precedent set by Bitcoin, where the Spot Bitcoin ETFS triggered a surge of capital inflows from both institutional and retail investors, suggests that Dogecoin could follow a similar route. Although the path to significant growth may not be immediate, the regulatory and institutional developments are paving the way for Dogecoin’s potential expansion.