Nasdaq Submits Application to List 21Shares Dogecoin ETF, Indicating Growing Mainstream Acceptance of Cryptocurrency

Nasdaq has submitted a 19b-4 form to the US Securities and Exchange Commission (SEC) for the approval of a new 21Shares Spot Dogecoin (DOGE) Exchange-Traded Fund (ETF), as detailed in a filing on April 29.

This proposed fund aims to provide investors with a way to gain passive exposure to the price movements of Dogecoin without engaging in risky trading methods such as leverage or derivatives.

As stated in the filing:

“The Trust offers investors a means to gain indirect access to the Dogecoin market via a regular brokerage account, avoiding the possible hurdles and risks associated with directly holding or transferring Dogecoin, or purchasing it from a spot market.”

Coinbase is designated as the custodian for the assets of the 21Shares DOGE ETF, with the CF DOGE-Dollar US Settlement Price Index serving as the pricing reference.

The exchange highlighted its capability to oversee trading activities and reduce the risk of market manipulation, noting its membership in the Intermarket Surveillance Group (ISG).

The firm explained that being part of this group enables real-time information sharing with other regulated markets, including Coinbase Derivatives.

It elaborated:

“The surveillance program encompasses real-time monitoring of price and volume fluctuations, along with post-trade surveillance methods (such as spoofing and phishing).”

In addition, the ETF initiative signifies a crucial advancement for Dogecoin, which originated as a parody in 2013 but has now established itself as a noteworthy digital asset. Currently, Dogecoin is positioned as the eighth-largest digital asset, boasting a market capitalization of approximately $26.5 billion.

Importantly, 21Shares is not the only entity pursuing approval for a Dogecoin-related product. Grayscale and Bitwise have also submitted applications for comparable spot Dogecoin ETFs.

This influx of filings indicates a rising confidence within the industry that the SEC might soon provide approval for a wider variety of cryptocurrency investment options beyond just Bitcoin and Ethereum.

Nevertheless, participants on the decentralized prediction platform Polymarket estimate only a 59% likelihood that the SEC will authorize a Dogecoin ETF by the end of the year.