Nasdaq Goes Full Meme: Files for SEC Approval on 21Shares Dogecoin ETF

Wall Street’s latest crypto gambit just got furrier. Nasdaq officially petitioned the SEC to list a spot Dogecoin ETF—because nothing says ’serious investment vehicle’ like an asset that started as a joke.

The move follows Bitcoin and Ethereum ETF approvals, proving regulators will greenlight anything if you wait long enough (and throw enough lawyers at it). 21Shares would custody the DOGE, letting institutions bet on the Shiba Inu-themed coin without the hassle of actual blockchain wallets.

Dogecoin prices spiked 18% on the news—because in crypto, hope springs eternal, and bagholders never learn. The SEC now faces its toughest question yet: Can you put a ’moon mission’ risk disclaimer in a prospectus?

Nasdaq files to list 21Shares Dogecoin ETF Details of 21Shares Dogecoin ETF  Like 21Shares, Nasdaq also provided key details for the proposed spot Dogecoin ETF. The Dogecoin ETF is organized as a Maryland statutory trust, with 21Shares highlighted as the fund’s sponsor and manager.  An unnamed trust company in Maryland will serve as the trustee of 21Shares’ Dogecoin ETF. 21Shares is expected to appoint a third party as the ETF administrator. Coinbase Custody will hold the ETF’s Dogecoin on behalf of the trust.  Investment Objective  The filing clearly characterized 21Shares’ spot Dogecoin ETF as a passive investment vehicle with no plans to generate additional returns for investors.   This indicates that 21Shares will not speculatively buy Doge at lower prices in anticipation of future price increases or sell Dogecoin at a higher value to lock in profit. Additionally, the sponsor of the ETF will not utilize strategies such as derivatives or leverage to meet its investment objectives.  Per the filing, the ETF will only track Dogecoin’s performance by mirroring the CF DOGE-Dollar US Settlement Price Index.  Growing Interest in Dogecoin ETFs  The development comes as top asset managers file to launch spot-based exchange-traded funds for Dogecoin. Unlike most crypto ETFs, only a handful of asset managers—Bitwise, Grayscale, and 21Shares — are seeking the SEC’s permission to launch spot ETFs tied to Dogecoin.  NYSE Arca has already submitted exchange applications to list and trade shares of Bitwise’s spot Dogecoin ETF and Grayscale’s converted Dogecoin Trust. The SEC has also acknowledged the Grayscale and Bitwise applications, with the final deadline for potential approval set for October 11 and November 12, 2025, respectively. Notably, 21Shares DOGE ETF will also undergo a similar process.  Following Nasdaq’s application, the SEC is expected to acknowledge the filing within two weeks. This acknowledgment automatically kicks off a 240-day window in which the SEC must decide whether to approve or disapprove the application.  Interestingly, the SEC has clarified that meme coins like Dogecoin are not securities. Therefore, DOGE is not subject to any regulatory uncertainty that could hinder the potential launch of spot ETFs tied to the cryptocurrency.