21Shares Files For Dogecoin ETF, Backed By House Of Doge

21Shares, a leading issuer of crypto exchange-traded products, has submitted an application for a spot exchange-traded fund (ETF) based on Dogecoin (DOGE) in the US. This move is backed by the House of Doge, highlighting the increasing institutional interest in the original meme cryptocurrency. The firm announced an exclusive partnership with the House of Doge to introduce funds endorsed by the Dogecoin Foundation.

On April 10, 21Shares filed an S-1 registration statement with the U.S. Securities and Exchange Commission (SEC) for its 21Shares Dogecoin ETF. If approved, this investment vehicle would allow investors to gain direct exposure to the price of DOGE without the need to purchase the cryptocurrency directly. The Switzerland-based crypto asset manager has teamed up with the Dogecoin Foundation’s corporate arm, House of Doge, to help market the product and reinforce the token’s role in mainstream finance.

“Registered investment vehicles are essential for broadening access to digital assets, and Dogecoin’s growing adoption underscores its significance in the crypto ecosystem,” stated 21Shares President Duncan Moir. “By partnering with the House of Doge, we are taking a pivotal step in bringing transparent and institutional-grade investment options to the market.”

Dogecoin, the original meme coin, has a market cap of $22.9 billion, making it the eighth largest cryptocurrency by that measure. Coinbase Custody will provide custodial services for 21Shares’ DOGE ETF. The fee, ticker symbol, and the US stock exchange where the fund will be listed will be announced at a later date.

The filing comes a few weeks after the House of Doge created a reserve of 10 million DOGE, valued at around $1.5 million. According to House of Doge, this reserve will act as liquidity for international transactions denominated in DOGE to boost wider adoption.

Last month, the SEC postponed deciding on multiple proposals regarding Dogecoin, Litecoin, Solana, and XRP ETFs. Industry observers were not surprised by the move, given that the U.S. Senate had not confirmed the SEC chair pick. The Senate has approved the nomination of the next SEC chairman, who is considered crypto-friendly.

21Shares joins Bitwise and Grayscale, who have also previously applied to offer similar Dogecoin-based investment products in the United States. The approval of a spot Dogecoin ETF would not only benefit Dogecoin but also set a precedent for other cryptocurrencies seeking similar regulatory approvals. It would demonstrate that even meme-based cryptocurrencies can gain institutional backing and regulatory recognition, potentially opening the door for a wider range of digital assets to enter the institutional investment space. This could lead to increased liquidity, stability, and adoption of cryptocurrencies in the broader financial market.