Digital asset supervisor 21Shares has filed with the US Securities and Change Fee to launch a spot Dogecoin exchange-traded fund, following related filings from rivals Bitwise and Grayscale.
The 21Shares Dogecoin ETF would search to trace the worth of the memecoin Dogecoin (DOGE), in response to the agency’s April 9 Kind S-1 registration assertion. The Dogecoin Basis’s company arm, Home of Doge, plans to help 21Shares with advertising the fund.
21Shares stated Coinbase Custody can be the proposed custodian of its Dogecoin ETF however didn’t specify a price, ticker or what inventory change it will record on.
Supply: James Seyffart
21Shares should additionally file a 19b-4 submitting with the SEC to kickstart the regulator’s approval course of for the fund.
DOGE presently has a $24.2 billion market cap and is the eighth-largest cryptocurrency by worth. It was created in 2013 as a joke and is a fork of Fortunate Coin, which itself is a fork of Bitcoin.
21Shares’ proposed Dogecoin ETF is the corporate’s newest effort to develop its spot crypto ETF choices, which presently contains solely a spot Bitcoin (BTC) and Ether (ETH) fund.
The issuer additionally filed with the SEC in February to launch a spot Polkadot (DOT) ETF and final yr, it filed to create a spot XRP (XRP) ETF.
Associated: Dogecoin millionaires are shopping for dips as DOGE value eyes 30% rally
The current surge in crypto ETF filings displays a “spaghetti cannon strategy” from issuers testing which merchandise the brand new SEC management may approve, Bloomberg ETF analyst James Seyffart stated in February.
“Issuers will attempt to launch many many various issues and see what sticks,” Seyffart stated.
Seyffart and fellow Bloomberg ETF analyst Eric Balchunas stated in February that there’s a 75% likelihood that the SEC will approve a spot Dogecoin ETF this yr, whereas the betting platform Polymarket presently offers approval odds of 64%.
21Shares and Home of Doge companion for DOGE funds in Switzerland
21Shares additionally stated on April 9 that it partnered with Home of Doge to launch a completely backed Dogecoin exchange-traded product on Switzerland’s SIX Swiss Change.
The 21Shares Dogecoin product will commerce underneath the ticker “DOGE” with a 2.5% price.
21Shares president Duncan Moir stated that Dogecoin “has turn out to be greater than a cryptocurrency: it represents a cultural and monetary motion that continues to drive mainstream adoption, and DOGE presents traders a regulated avenue to be a part of this thrilling mission.”
Journal: Memecoin degeneracy is funding groundbreaking anti-aging analysis