21Shares Files for First U.S. Spot Dogecoin ETF on Nasdaq

21Shares, a major digital asset manager, has taken a big step toward launching the first spot Dogecoin (DOGE) exchange-traded fund (ETF) in the United States.

The company recently submitted an application with Nasdaq to list the ETF under the name 21Shares Dogecoin ETF. This proposed fund would directly hold Dogecoin, rather than relying on futures or derivatives.

The ETF will follow Dogecoin prices utilizing the CF Dogecoin-Dollar Settlement Price (DOGEUSD_RR) as its official indicator.

If approved, it will hold real Dogecoin in custody through Coinbase Custody Trust Company, providing investors exposure to DOGE in a secure and regulated format. Unlike some crypto products, this fund will not use leverage or complex financial instruments.

21Shares provided the U.S. Securities and Exchange Commission (SEC) with a Form S-1 registration statement outlining its approach to the ETF on April 9, 2025.

The Form 19b-4, filed by Nasdaq, officially starts the SEC’s review process for potential approval. Important details like the ETF’s ticker symbol, management fee, and launch date have not yet been announced.

21Shares is working closely with the House of Doge, the corporate partner of the Dogecoin Foundation, to support the ETF with marketing, branding, and licensing. This follows the success of 21Shares’ Dogecoin ETP in Europe, which launched on the SIX Swiss Exchange under the ticker “DOGE” with a 2.5% management fee.

Other big names like Grayscale and Bitwise are also looking to bring their own spot DOGE ETFs to the U.S. market, although they’ve chosen NYSE Arca instead of Nasdaq. This shows growing competition among asset managers to be the first to launch a regulated Dogecoin investment product in the country.

Crypto analysts at Bloomberg estimate there’s a 75% chance that a spot DOGE ETF will get approved in 2025. If this happens, it would be the first U.S.-listed fund to track a meme coin, possibly opening the door for more mainstream acceptance of Dogecoin and similar digital assets.

With a market valuation of over $24.2 billion and a current price of $0.1548, Dogecoin is currently the eighth-largest cryptocurrency in the world.