Nasdaq Guns for SEC Approval on 21Shares’ Dogecoin ETF—Because Wall Street Just Can’t Resist Meme-Stonks

Nasdaq doubles down on crypto absurdity with a Hail Mary play—filing for a Dogecoin ETF. Because nothing says ’institutional maturity’ like betting the house on Elon’s favorite joke currency.

The exchange’s latest gambit would list 21Shares’ DOGE trust, forcing the SEC to either swallow the meme or risk looking anti-innovation. Traders already pricing in 1000% volatility—whether from DOGE’s price swings or the regulator’s inevitable aneurysm.

Bonus jab: Finally, a product that lets boomers lose money on crypto without the hassle of understanding blockchain. Progress!

Nasdaq files with the U.S. SEC to list and trade the 21Shares DOGE ETF

BREAKING: 🇺🇸 21SHARES FILES FOR
DOGECOIN $DOGE ETF WITH NASDAQ.

GET READY FOR ALTSEASON 🚀 pic.twitter.com/OVsfR2YKBh

— Max (@MaxCryptoxx) April 29, 2025

Nasdaq filed with the U.S. SEC to list and trade the 21Shares Dogecoin ETF under Nasdaq Rule 5711(d)–a rule that typically governs the listing and trading of Commodity-Based Trust Shares. Coinbase Custody Trust Company, LLC will be the custodian and will hold all Dogecoin on the Trust’s behalf. 

Nasdaq explained that when the Trust sells or redeems its shares, DOGE will be transferred into or out of the Trust–as applicable–in exchange for blocks of 10K shares (a ‘basket’) that will be based on the quantity of Dogecoin attributable to each share of the Trust. 

However, the Nasdaq registration statement also read in part that “Neither the Trust, nor the Sponsor, nor the Dogecoin Custodian, nor any other person associated with the Trust will, directly or indirectly, engage in action where any portion of the Trust’s Dogecoin is used to earn additional Dogecoin or generate rewards or other income.”

The Registration Statement particularly disclosed that the Trust was not an investment company registered under the Investment Company Act of 1940, as amended, and was not subject to regulation under the 1940 Act. The Trust was also not a commodity pool for purposes of the Commodity Exchange Act of 1936, as amended, and the sponsor was not subject to regulation by the Commodity Futures Trading Commission (CFTC) as a commodity pool operator or a commodity trading advisor.

21Shares partners with the ‘House of Doge’ to launch DOGE ETP in Europe

21Shares formed an exclusive partnership with the House of Doge to create the only Dogecoin ETP endorsed by the Dogecoin Foundation, which will be listed on the SIX Swiss Exchange under the ticker DOGE. 

21Shares President Duncan Moir said the exclusive partnership provided investors with the most direct and accessible way to gain exposure to the Dogecoin ecosystem. He added that Dogecoin had become more than a cryptocurrency: it represented a cultural and financial movement that continued to drive mainstream adoption–and DOGE offered investors a regulated avenue to be part of an exciting project.

“This partnership marks a very large step forward for the Dogecoin vision.”

– Jens Wiechers, Advisory Board Member at House of Doge and Co-Executive Director of the Dogecoin Foundation

Sarosh Mistry, the Director-Elect of the House of Doge, said the partnership with 21Shares demonstrated the growing maturity and legitimacy of Dogecoin in the financial world.

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