Digital asset manager 21Shares has taken a step toward offering mainstream investors direct exposure to Dogecoin (DOGE), filing a registration statement with the US Securities and Exchange Commission (SEC) on April 9. The proposed “21Shares Core Dogecoin ETF” queues up with a growing number of other altcoin exchange-traded fund (ETF) applications seeking regulatory clearance in the United States. 21Shares joins Bitwise and Grayscale in a bid for a spot DOGE exchange-traded fund.
Spot Dogecoin ETF By 21Shares
According to the Form S-1 filing, the new ETF aims to hold DOGE directly, tracking its price through CF Benchmarks’ CF Dogecoin-Dollar Settlement Price—a once-daily benchmark based on aggregated trade data from select spot trading platforms. By avoiding the use of leverage or derivatives, 21Shares intends the fund to operate as a passive investment vehicle mirroring DOGE’s market performance, minus fees and expenses.
Custody for the ETF’s digital assets would be managed by Coinbase Custody Trust Company, LLC. The filing, however, does not specify the proposed management fee, stock exchange listing venue, or trading ticker.
An unusual element of this proposal is the involvement of House of Doge, Inc., a corporate affiliate of the Dogecoin Foundation. The filing indicates that House of Doge will provide “marketing and other services” for the ETF, though the precise scope of its contributions remains unclear.
The submission of the Form S-1 is an early step in the SEC’s rigorous approval process. To move forward, 21Shares must file a corresponding Form 19b-4 in partnership with a national securities exchange prepared to list the product. This step triggers a formal review by the SEC to assess compliance with the Securities Exchange Act of 1934.
Notably, 21Shares announced on Wednesday that it has partnered with House of Doge to launch a fully backed DOGE exchange-traded product (ETP) “to create the only Dogecoin ETP endorsed by the Dogecoin Foundation” on Switzerland’s SIX Swiss Exchange (ticker: DOGE).
“With this exclusive partnership we’re providing investors with the most direct and accessible way to gain exposure to the DOGE ecosystem. Dogecoin has become more than a cryptocurrency: it represents a cultural and financial movement that continues to drive mainstream adoption, and DOGE offers investors a regulated avenue to be part of this exciting project,” said Duncan Moir, President at 21Shares.
“This partnership marks a very large step forward for the Dogecoin vision. […] For Dogecoin to reach its full potential as a global currency, institutional support and corporate partnerships are essential. This initiative with 21Shares provides a regulated path for institutions to participate in and amplify the ‘DOGE 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,” added Jens Wiechers, Advisory Board Member at House of Doge and Co-Executive Director of the DOGE Foundation.
At press time, DOGE traded at $0.15599.
