TLDR
- 21Shares filed an S-1 registration with the SEC for a spot Dogecoin ETF on April 9, 2025
- Dogecoin (DOGE) price surged 8-12% following the filing, trading above $0.15
- 21Shares partnered with House of Doge, the Dogecoin Foundation’s corporate arm, for marketing support
- The filing follows similar applications from competitors Bitwise, REX Shares, and Grayscale
- Analysts estimate a 64-75% chance the SEC will approve a spot Dogecoin ETF this year
Dogecoin (DOGE) has jumped above $0.15, gaining between 8-12% in the past 24 hours after cryptocurrency asset manager 21Shares filed an application with the U.S. Securities and Exchange Commission (SEC) to launch a spot Dogecoin exchange-traded fund (ETF).
The eighth-largest cryptocurrency by market value, currently worth about $24.2 billion, is attracting renewed institutional interest as multiple ETF providers race to get regulatory approval.
21Shares submitted its S-1 registration statement to the SEC on April 9. The proposed ETF would track the price of Dogecoin, allowing investors exposure without directly owning the cryptocurrency.
For this initiative, 21Shares has partnered with House of Doge, the corporate arm of the Dogecoin Foundation, which will help with marketing efforts for the fund.
The filing indicates that Coinbase Custody would serve as the custodian for the proposed ETF’s assets. However, 21Shares has not yet specified a ticker symbol, fee structure, or which stock exchange would list the fund.
Growing Competition in Memecoin ETFs
21Shares is not alone in its pursuit of a Dogecoin ETF. Competitors including Bitwise, REX Shares, and Grayscale have also filed applications for similar investment products.
This surge in crypto ETF filings reflects what Bloomberg ETF analyst James Seyffart called a “spaghetti cannon approach” in February. Issuers are testing which products might receive approval under the SEC’s current leadership.
Seyffart and fellow Bloomberg analyst Eric Balchunas estimated a 75% chance that the SEC will approve a spot Dogecoin ETF this year. The betting platform Polymarket currently gives approval odds of 64%.
NEW: @21Shares Files for a spot Dogecoin ETF
(joining Grayscale & Bitwise) pic.twitter.com/o0MAli4SMQ
— James Seyffart (@JSeyff) April 9, 2025
The race for regulatory approval comes as the crypto market shows signs of recovery following a recent downturn.
International Expansion and Market Context
While seeking approval in the U.S., 21Shares has already expanded its Dogecoin products overseas. On the same day as its SEC filing, the company launched a fully backed Dogecoin exchange-traded product on Switzerland’s SIX Swiss Exchange.
This product trades under the ticker “DOGE” with a 2.5% fee.
Duncan Moir, president of 21Shares, emphasized that Dogecoin “has become more than a cryptocurrency: it represents a cultural and financial movement that continues to drive mainstream adoption.”
The surge in Dogecoin’s price follows President Donald Trump’s announcement of a 90-day tariff pause affecting 75 countries, which coincided with a broader 12% increase in the overall cryptocurrency sector.
Some analysts have noted that the current political climate in the United States might favor cryptocurrency ETF approvals. President Trump’s administration has shown support for the crypto sector.
Elon Musk, a well-known Dogecoin supporter and the figure behind the Department of Government Efficiency (D.O.G.E.), has influence in the current administration. This connection has led some to speculate that a Dogecoin ETF approval could have favorable odds in the present regulatory environment.
Despite the recent rally, Dogecoin has experienced high volatility in recent months. DOGE fell from a peak of $0.4835 to as low as $0.1315 before its current recovery.
On-chain data from Glassnode shows that 50.8% of Dogecoin’s supply is “in profit,” meaning just over half of the coins in circulation are currently valued higher than when they were last transferred. This nearly equal split between profitable and unprofitable positions suggests a neutral investor base.
21Shares must still file a 19b-4 form with the SEC to start the official approval process for the fund.
The company’s proposed Dogecoin ETF is part of its broader effort to expand its spot crypto ETF offerings, which currently include only Bitcoin and Ether funds.
In February, 21Shares also filed with the SEC to launch a spot Polkadot ETF, and last year it filed to create a spot XRP ETF.
DOGE was created in 2013 as a joke. It is a fork of Lucky Coin, which itself is a fork of Bitcoin.
Despite its origins as a meme coin, Dogecoin has maintained its position as a top cryptocurrency by market value, currently ranking eighth.
