21Shares Files Dogecoin ETF Application in U.S.

Asset manager 21Shares has submitted an application for a Dogecoin exchange-traded fund (ETF) in the U.S., backed by the House of Doge. This move highlights the increasing interest in the popular meme token. The firm filed an S-1 registration statement with the Securities and Exchange Commission on Wednesday for its 21Shares Dogecoin ETF. If approved, this fund would provide investors with direct exposure to Dogecoin's price movements.

The House of Doge, the corporate arm of the Dogecoin Foundation, plans to market the fund upon its launch. The organization aims to reinforce Dogecoin's role in mainstream finance. Jens Wiechers, Co-Executive Director of the Dogecoin Foundation, emphasized the importance of institutional support and corporate partnerships for Dogecoin to reach its full potential as a global currency.

This filing comes a few weeks after the House of Doge established a reserve of 10 million DOGE, valued at over $1.5 million. The reserve is intended to serve as liquidity for global transactions denominated in the cryptocurrency, aiming to spur wider adoption. Additionally, the organization struck a deal in March to advertise Dogecoin on driver Devlin DeFrancesco's vehicle at the Indianapolis 500 race this May. These initiatives reflect the House of Doge’s mandate to bolster Dogecoin adoption through corporate deals and collaborations, aligning with its partnership with 21Shares.

On the same day, the House of Doge also partnered with 21Shares on the launch of a Dogecoin exchange-traded product (ETP) on Switzerland’s SIX Swiss Exchange. This move is aimed at raising the profile of Dogecoin and accelerating its adoption by investors. The announcement follows similar efforts by Grayscale and Bitwise to offer Dogecoin-based investment products in the U.S.

According to Wiechers, this initiative with 21Shares provides a regulated path for institutions to participate in and amplify the ‘Dogecoin is Money’ vision, while still honoring the community’s spirit. Dogecoin was recently trading at $0.15, up 3.7% over the past 24 hours. The asset is down from a three-year-high price of $0.475 last November, when Elon Musk ramped up his efforts to promote a U.S. government initiative with the name of the token's ticker on social media.