21Shares is stepping into the spotlight with a significant move in the cryptocurrency investment landscape. The company has submitted a proposal to the United States Securities and Exchange Commission (SEC) seeking approval for a spot exchange-traded fund (ETF) directly tied to Dogecoin. This landmark application, filed on April 9, 2025, includes a Form S-1 registration statement detailing the strategic framework of the 21Shares Dogecoin ETF.
The proposed ETF aims to track the price of Dogecoin (DOGE) by utilizing the CF DOGE-Dollar US Settlement Price Index as its benchmark. Unlike traditional ETFs that might incorporate leverage or derivatives, this fund is designed as a passive investment vehicle. It will hold actual Dogecoin and compute its daily net asset value (NAV) based on the benchmark index, making it a straightforward option for investors looking to gain exposure to the cryptocurrency.
In addition to tracking the price of Dogecoin, the ETF has taken proactive measures to ensure stability and trust. Coinbase Custody has been proposed as the custodian for the fund, enhancing its credibility within the competitive cryptocurrency market. The Trust’s design means it will refrain from actively trading DOGE outside of share creation and redemption, or for fee-related activities, which positions it as a conservative choice for investors.
Moreover, to bolster its outreach and community connection, 21Shares has partnered with House of Doge, the corporate branch of the Dogecoin Foundation. This collaboration aims to improve marketing, branding, and strategic positioning of the ETF within the broader Dogecoin ecosystem—an essential move given Dogecoin’s vibrant and engaged community.
Recent developments indicate growing interest in Dogecoin ETFs, as the SEC has received proposals from multiple stakeholders, including Grayscale and Bitwise. Grayscale’s Form 19b-4 application was acknowledged by the SEC earlier this year, initiating a comprehensive 240-day review process. Currently, there is an emerging sentiment around the potential approval of a spot Dogecoin ETF, with market forecast placing the chances at approximately 64% this year, according to betting platforms.
This initiative by 21Shares not only signals a progressive development in cryptocurrency regulation but also highlights the evolving landscape of investment opportunities surrounding Dogecoin. As cryptocurrencies continue to permeate mainstream finance, new financial instruments such as an ETF backed by Dogecoin could attract a broader range of investors, potentially cementing Dogecoin’s status as a legitimate asset class.
