Nasdaq Seeks SEC Approval for 21Shares Dogecoin ETF

Nasdaq has formally submitted an application to the Securities and Exchange Commission (SEC) seeking approval to list an exchange-traded fund (ETF) that holds Dogecoin. This move is part of a broader trend of increased interest in cryptocurrency ETFs, with several asset managers filing for similar products. The proposed ETF, backed by 21Shares, aims to provide investors with exposure to Dogecoin without the complexities of directly holding the cryptocurrency.

The 21Shares Spot Dogecoin ETF, if approved, would be organized as a Maryland statutory trust. 21Shares would serve as the fund’s sponsor and manager, with an unnamed trust company in Maryland acting as the trustee. Coinbase Custody would be responsible for holding the ETF’s Dogecoin on behalf of the trust. The ETF is designed as a passive investment vehicle, with no plans to generate additional returns through speculative trading or the use of derivatives or leverage. Its primary objective is to track the performance of Dogecoin by mirroring the CF DOGE-Dollar US Settlement Price Index.

Nasdaq’s filing under Section 19(b)(1) of the 1934 Securities Exchange Act seeks to list and trade the 21Shares spot Dogecoin ETF as a commodity-based trust shares under the Nasdaq Rule 5711(d). This development follows 21Shares’ submission of an S-1 application to launch a spot-based Dogecoin ETF three weeks prior. The SEC is expected to acknowledge the filing within two weeks, initiating a 240-day review period during which the commission must decide on the application.

The interest in Dogecoin ETFs is growing, with top asset managers like Bitwise, Grayscale, and 21Shares seeking SEC approval for spot ETFs tied to Dogecoin. NYSE Arca has already submitted exchange applications for Bitwise’s and Grayscale’s spot Dogecoin ETFs, with final deadlines for potential approval set for October 11 and November 12, 2025, respectively. The SEC has clarified that meme coins like Dogecoin are not securities, which removes a layer of regulatory uncertainty that could have hindered the launch of spot ETFs tied to the cryptocurrency.

This move by Nasdaq signals a significant step towards mainstream acceptance of cryptocurrencies, particularly Dogecoin, in traditional financial markets. The approval of such an ETF would provide investors with a more accessible and regulated way to gain exposure to Dogecoin, potentially driving further interest and investment in the cryptocurrency. However, the outcome of the SEC’s review remains uncertain, and investors should conduct thorough research before making any investment decisions.