Nasdaq has filed a 19b-4 kind with the US Securities and Alternate Fee (SEC) to help the itemizing of a brand new 21Shares Spot Dogecoin (DOGE) Alternate-Traded Fund (ETF), in line with an April 29 submitting.
The proposed fund would provide traders passive publicity to Dogecoin’s worth with out partaking in speculative buying and selling actions like leverage, derivatives, or different monetary preparations.
In line with the submitting:
“The Belief gives traders with the chance to not directly entry the marketplace for Dogecoin via a conventional brokerage account with out the potential boundaries to entry or dangers concerned with holding or transferring Dogecoin immediately or buying it from a Dogecoin spot market.”
Coinbase would function the custodian of the 21Shares DOGE ETF belongings, whereas the CF DOGE-Greenback US Settlement Worth Index would supply the pricing benchmark.
The alternate emphasised its capacity to watch buying and selling exercise and forestall manipulation, citing its membership within the Intermarket Surveillance Group (ISG).
In line with the agency, its presence on this group will permit it entry to real-time info sharing with different regulated markets, together with Coinbase Derivatives.
It added:
“The surveillance program consists of real-time patterns for worth and quantity actions and post-trade surveillance patterns (e.g., spoofing, marking the shut, pinging, phishing).”
In the meantime, the ETF proposal marks a big step ahead for Dogecoin, which started as a joke in 2013 however has since advanced right into a severe digital asset. In the present day, Dogecoin ranks because the eighth-largest digital asset, with a market cap of round $26.5 billion.
Notably, 21Shares just isn’t alone in searching for approval for a Dogecoin-focused product. Grayscale and Bitwise have additionally filed functions for related spot Dogecoin ETFs.
This wave of filings alerts rising trade confidence that the SEC might quickly open the door to a broader vary of crypto funding choices past Bitcoin and Ethereum.
Regardless of this, crypto bettors on the decentralized prediction platform Polymarket consider there’s solely a 59% likelihood that the SEC will approve a Dogecoin ETF earlier than the top of the yr.