21Shares Goes All-In on Dogecoin with SEC ETF Proposal

Dogecoin Mania Hits Wall Street

Hold onto your hats, crypto fans! 21Shares just threw down the gauntlet with a bold move to the SEC, proposing a spot exchange-traded fund that's all about Dogecoin. That's right, the meme coin that started as a joke is now eyeing a spot on the big stage.

The Nitty-Gritty of the 21Shares Dogecoin ETF

On April 9, 21Shares didn't just dip their toes in the water; they cannonballed into it with a Form S-1 filing to the SEC. They're calling it the 21Shares Dogecoin ETF, and it's set to ride the wild waves of Dogecoin's price using the CF DOGE-Dollar US Settlement Price Index as its guide. And guess who's holding the bag? Coinbase Custody is stepping up as the proposed custodian.

Keeping It Real with Passive Investing

This ETF isn't messing around with fancy tricks. It's all about keeping it real with a passive investment approach—no leverage, no derivatives, just straight-up Dogecoin. They'll be holding the actual coins and calculating the daily net asset value (NAV) based on that trusty benchmark index.

And don't expect them to be flipping DOGE like hotcakes. The Trust will only trade DOGE when it's time to create or redeem shares or cover some fees. It's all about keeping it simple and focused.

Teaming Up with the Dogecoin Dream Team

But 21Shares isn't going it alone. They've brought in the big guns, partnering with House of Doge—the corporate arm of the Dogecoin Foundation—to amp up the marketing, branding, and strategic positioning of this ETF. They're diving deep into the heart of the Dogecoin community to make this a success.

A Multi-Front Dogecoin Offensive

This SEC move is just one part of a larger Dogecoin master plan between 21Shares and House of Doge. Just a day before this filing, 21Shares dropped a bombshell with the world's first Dogecoin ETP on Switzerland's SIX Swiss Exchange, trading under the ticker "DOGE."

And 21Shares president Duncan Moir isn't holding back. He's calling Dogecoin a "cultural and financial movement," and this ETP is their way of giving investors a regulated way to jump on board.

The Dogecoin ETF Race Heats Up

But 21Shares isn't the only one in the race. The SEC has been flooded with DOGE ETF applications from three other heavy hitters: Grayscale, Bitwise, and Rex Shares.

Grayscale kicked things off with a Form 19b-4 filing that the SEC acknowledged on Feb. 13, setting off a 240-day review period to see if they'll let this ETF hit the market. And Bitwise isn't far behind, filing their own 19b-4 proposal through NYSE Arca on March 3.

The Odds Are in Dogecoin's Favor

And get this—according to the betting platform Polymarket, there's a whopping 64% chance that a spot Dogecoin ETF will get the green light this year. The Dogecoin revolution is on, and it's coming to a stock exchange near you!