The race for a Dogecoin ETF is heating up as Nasdaq has made the move on behalf of 21Shares to list the accompanying fund amid changing regulatory landscape.
Stock exchange market Nasdaq has submitted the 19b-4 with the United States Securities and Exchange Commission (SEC) to list and trade the 21Shares Dogecoin Exchange Traded Fund (ETF). This bold move officially kicks off the approval process for the canine-themed memecoin fund.
21Shares Files 19b-4 Form With SEC
21Shares Dogecoin ETF is intended to provide institutional investors direct access to DOGE without the perceived investment risks associated with cryptocurrencies.Â
In the meantime, the SEC has the leverage to decide whether to approve the application. First, the Commission has to publish the filing in the Federal Register. This way, it can get public comments on the filing before deciding whether to approve or deny it.Â
The Zurich-based asset manager took some steps towards listing a DOGE ETF at the beginning of April. In the second week of this month, 21Shares submitted its 19b-4 filing to the SEC, claiming that the product does not seek to generate returns for investors through derivatives or leverage.Â
Based on the application, the value of the ETF held by 21Share will be pegged to the actual DOGE pricing index.
Although 21Shares did not reveal the exchange where the DOGE ETF would list or trade at the time, it notified the Commission that Coinbase Custody Trust Company would be the custodian of Dogecoin for the fund.Â
More Dogecoin ETF Filings Await SEC DecisionÂ
Apart from 21Shares, several other asset managers have also filed to list spot Dogecoin ETFs. Last month, Bitwise Asset Management filed a 19b-4 form with the US SEC to start its Dogecoin ETF.Â
It also made this filing with NYSE Arca, part of the New York Stock Exchange. Bitwise plans include tracking changes in the price of DOGE using the CF Dogecoin-Dollar Settlement Price as a benchmark.
Grayscale also made a similar move in February to list the Dogecoin ETF, and not long after that, the SEC acknowledged its filing. Until now, neither approval nor rejection has been issued to Grayscale or any of the numerous applicants. Senior Bloomberg ETF analysts James Seyffart and Eric Balchunas are optimistic that approval is underway.
They once stated that Litecoin (LTC), DOGE, Solana (SOL), and XRP have high odds of ETF approval. Their confidence comes from President Donald Trump’s pro-crypto administration in the US. They believe it will help remove past hurdles for the digital assets industry.
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