Nasdaq Seeks SEC Approval for 21Shares Spot Dogecoin ETF

Nasdaq has formally submitted an application to the U.S. Securities and Exchange Commission (SEC) to list and trade shares of the 21Shares Spot Dogecoin (DOGE) Exchange-Traded Fund (ETF). This move marks a significant step in the mainstream acceptance of cryptocurrencies, particularly Dogecoin, which has gained popularity in recent years. The application, filed under the 19b-4 form, seeks regulatory approval for the listing of the ETF, which aims to provide traditional investors with direct exposure to Dogecoin.

The submission of this application signals a growing confidence in the cryptocurrency industry, as major financial institutions and exchanges continue to explore ways to integrate digital assets into traditional investment portfolios. The 21Shares Spot Dogecoin ETF, if approved, would allow investors to gain exposure to Dogecoin without the complexities of directly holding the cryptocurrency. This could potentially attract a broader range of investors who are interested in the digital asset market but may be hesitant to engage with it directly.

Earlier this month, 21Shares teamed up with the corporate arm of the Dogecoin Foundation, House of Doge, for an initiative to launch DOGE exchange-traded products (ETPs) globally. Jens Wiechers, Advisory Board Member at House of Doge and Co-Executive Director of the Dogecoin Foundation, stated, “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. Global adoption is critical, and we’re excited to take this next step – ensuring Dogecoin stays fun, but gains the credibility and backing needed to thrive at scale.”

Duncan Moir, President at 21Shares, added, “By partnering with the House of Doge, we are taking a pivotal step in bringing transparent and institutional-grade investment options to the market. This move reflects our commitment to expanding investor access to innovative and community-driven assets while maintaining the highest regulatory and operational standards.”

The S1 application form was also officially filed earlier this month. The SEC is currently reviewing more than 70 applications for crypto-related ETFs, indicating a heightened interest in the sector. The approval of the 21Shares Spot Dogecoin ETF would not only validate the growing acceptance of cryptocurrencies but also set a precedent for other similar applications. The SEC's review process is thorough, and the outcome will depend on various factors, including regulatory compliance and market stability.

The listing of a spot Dogecoin ETF on Nasdaq would be a milestone for the cryptocurrency industry, as it would provide a regulated and accessible investment vehicle for Dogecoin. This could lead to increased liquidity and market participation, further solidifying Dogecoin's position in the digital asset landscape. The ETF would track the price of Dogecoin, allowing investors to benefit from its price movements without the need for a cryptocurrency wallet or exchange account.

The application by Nasdaq and 21Shares highlights the evolving nature of the financial markets, where traditional institutions are increasingly embracing digital assets. This trend is driven by the growing demand for cryptocurrencies and the recognition of their potential as a viable investment option. The approval of the 21Shares Spot Dogecoin ETF would be a significant development in this regard, paving the way for more innovative financial products in the cryptocurrency space.