21Shares Files For First Dogecoin ETF With SEC

21Shares, a prominent asset management firm, has filed a registration form with the U.S. Securities and Exchange Commission (SEC) to list an exchange-traded fund (ETF) for the popular meme cryptocurrency Dogecoin. This move marks a significant development in the cryptocurrency market, as it represents the first filing for a memecoin ETF. The ETF operator, which already manages several other crypto funds, submitted a Form S-1 with the SEC, initiating the regulatory review process. Additionally, the commission will need to approve a Form 19b-4 filing before the Doge ETF can be listed.

The proposed Doge ETF aims to track the price performance of Dogecoin as measured by futures on CF Benchmarks and will maintain holdings of the memecoin. This approach provides investors with exposure to Dogecoin without the need for direct ownership, offering a more accessible and regulated way to participate in the Dogecoin market. The ETF's value will be directly tied to the performance of Dogecoin, ensuring that investors can benefit from its price movements.

Dogecoin, launched in 2013 as a joke, has since gained significant market popularity and support from high-profile figures such as Tesla CEO Elon Musk. The cryptocurrency hit a peak capitalization of over $85 billion in 2021, demonstrating its potential for growth and investment. The memecoin's rapid rise and dedicated community have made it a symbol of innovation and ambition, with a strong following that engages in charitable initiatives and social impact projects. Its fast transactions and low fees have also made it a practical solution for everyday payments, with major brands now accepting Doge as a payment method.

The filing by 21Shares follows a similar move by Bitwise in January, which also sought to launch a Doge ETF. This trend reflects the growing interest in altcoin ETFs, as markets seek to capitalize on the success of spot Bitcoin ETFs launched last year. 21Shares had previously launched a spot Bitcoin ETF in collaboration with Cathy Wood’s Ark, further solidifying its position as a leader in the crypto ETF space. The approval of a Dogecoin ETF could open up new avenues for investment in the memecoin, further solidifying its position in the cryptocurrency landscape.

The regulatory review process for the Doge ETF is a crucial step in determining its approval. The effectiveness of the Form S-1 and the approval of the Form 19b-4 filing by the SEC are essential to ensure that the ETF meets all necessary standards and protections for investors. This regulatory scrutiny is designed to provide a safe and transparent investment vehicle for those interested in gaining exposure to Dogecoin. The approval of the Doge ETF could potentially pave the way for other memecoin ETFs, further expanding the range of investment options available in the cryptocurrency market.