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Dogecoin ETF Race Joined by 21Shares
Grayscale and Bitwise have both previously filed regulatory paperwork for a spot ETF backed by DOGE.
What to know:
- 21Shares has filed to introduce a spot dogecoin (DOGE) ETF in the U.S., joining Bitwise and Grayscale.
- The asset manager has partnered with the House of Doge — the Dogecoin Foundation’s corporate arm — to help promote the fund.
The move to introduce a spot dogecoin ETF (DOGE) to the U.S. market now includes three crypto-focused asset managers, with 21Shares joining Bitwise and Grayscale.
The Switzerland-based crypto asset manager submitted an initial S-1 filing with the U.S. Securities and Exchange Commission on Thursday.
STORY CONTINUES BELOW
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The fund would be custodied by 21Shares and Coinbase. The management fee as well as the ticker and which stock exchange would list the fund have yet to be announced. Whichever exchange that ends up being will have to file a 19b-4 document with the SEC to make the submission official and tie the regulator to a decision deadline.
As part of the filing, the company entered into a partnership with the Dogecoin Foundation’s corporate arm, House of Doge, which will help market the fund.
If a DOGE ETF is approved, it would become the first ETF tracking a meme coin, a crypto asset that was created as a joke. But DOGE has long evolved into more than that, inspiring the name of the government’s latest initiative, the Department of Government Efficiency (DOGE) which is led by Elon Musk.
DOGE is currently the 9th largest crypto currency by market cap at $23 billion.
Helene Braun
Helene is a New York-based markets reporter at CoinDesk, covering the latest news from Wall Street, the rise of the spot bitcoin exchange-traded funds and updates on crypto markets. She is a graduate of New York University's business and economic reporting program and has appeared on CBS News, YahooFinance and Nasdaq TradeTalks. She holds BTC and ETH.
