Nasdaq applies to list 21Shares’ Dogecoin ETF

Asset manager 21Shares recently submitted a proposal for a spot Dogecoin exchange-traded fund (ETF), as more firms like Grayscale, Bitwise, and REX Shares pursue similar Dogecoin ETF applications. The US Securities and Exchange Commission (SEC) is reviewing a substantial number of applications for crypto-related investment products, with over 70 crypto ETF filings to date. The recent focus on crypto ETF approvals coincides with the regulatory transition catalyzed by the appointment of the new SEC Chairman, Paul Atkins.

21Shares filed a 19b-4 document with Nasdaq, a pivotal step in the SEC’s ETF approval process. This filing is a subsequent move following their initial S-1 registration in April. The firm revealed a strategic collaboration with the Dogecoin Foundation through an earlier filing, indicating a growing interest in expanding cryptocurrency investments. Grayscale, Bitwise, and REX Shares are among the entities vying for Dogecoin ETF approvals as part of this institutional push towards crypto-based investment products.

Paul Atkins, appointed as SEC Chairman in April, has ushered in a regulatory perspective shift since taking office. He has criticized previous SEC policies, emphasizing the need for fostering innovation hitherto stifled by regulatory and market uncertainties. The confirmation of Atkins’ appointment is expected to expedite decisions on the backlog of crypto ETF applications following procedural delays attributed to the absence of permanent leadership under Acting Chair Mark Uyeda.

Currently, the SEC is assessing a multitude of crypto ETF applications, covering various altcoins like XRP, Solana, and Litecoin, alongside unconventional offerings like meme-themed and leveraged ETFs. The breadth of the ETF application queue has drawn attention, with industry analyst Eric Balchunas highlighting the diversity in proposed products, from “Penguins, Doge, and 2x Melania.” Among these applications, Bloomberg analysts identified Litecoin and Dogecoin ETFs as having the greatest probability of approval.

The momentum for crypto-based exchange-traded products follows the SEC’s landmark approvals of spot Bitcoin and Ethereum ETFs in preceding years. These approvals have significant implications for the broader landscape of crypto investments, providing a regulatory pathway for mainstream participation in digital assets. At present, Dogecoin’s market price shows marginal growth at $0.1789, reflecting ongoing market movements and investor sentiment surrounding the cryptocurrency.