21Shares Takes a Gamble: First U.S. Spot Dogecoin ETF Filed for Nasdaq Listing

Wall Street’s meme-stock madness jumps to crypto—Swiss ETF issuer 21Shares just filed for the first-ever U.S. spot Dogecoin ETF. Nasdaq could soon host the ultimate ’hold my beer’ asset.

The Details:

- Filing targets direct exposure to DOGE’s wild price swings, no futures or derivatives involved

- Comes hot on heels of Bitcoin ETF approvals—apparently the SEC now has a taste for volatile digital snacks

- 21Shares partnered with crypto custodian Coinbase, because nothing says ’serious investment’ like Dogecoin meets institutional infrastructure

Why This Matters:

If approved, this ETF would let normies bet on Elon Musk’s favorite joke currency without dealing with crypto exchanges. Perfect for investors who think ’fundamentals’ are overrated.

Bottom Line: The same finance giants who once mocked crypto are now racing to package its silliest assets—just in time for the next speculative bubble. To the moon?

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.

Also Read: XRP Could Be First to Get U.S. Spot ETF Before SOL and DOGE