- 21Shares files for a U.S. spot Dogecoin ETF, the first of its kind, with support from House of Doge and Coinbase Custody.
- Analysts predict a 64 to 75% chance of ETF approval in 2025, a rising institutional interest in memecoins.
- Dogecoin increases by 6.71% to $0.1554, ranking third in meme token gains amid steady supply and $2B trading volume.
Digital asset manager 21Shares has officially filed with the U.S. Securities and Exchange Commission (SEC) to introduce a spot Dogecoin ETF. According to the Form S-1 registration on April 9, the ETF aims to track the real time price of Dogecoin.
The filing did not specify a proposed fee, trading ticker, or listing exchange. However, 21Shares confirmed Coinbase Custody as the fund’s custodian. The Dogecoin Foundation’s corporate affiliate, House of Doge, will support marketing efforts linked to the ETF.
New Filings Follow Expansion Moves by 21Shares
This follows a broader strategy by 21Shares to grow its crypto ETF offerings. The firm already manages spot Bitcoin and Ether funds. It has also submitted filings for ETFs tied to XRP and Polkadot. Competing firms like Grayscale and Bitwise have also filed for similar Dogecoin ETF products.
Notably, in a separate update, 21Shares disclosed that it will launch a fully backed Dogecoin ETP on Switzerland’s SIX Swiss Exchange. The exchange traded product will trade under the symbol “DOGE” and carry a 2.5% annual fee.
Analysts Offer Early Predictions on ETF Approval Odds
Market analysts are now weighing the likelihood of regulatory approval. According to Bloomberg ETF specialists Eric Balchunas and James Seyffart, there is a 75% chance of SEC approval in 2025.
Meanwhile, decentralized prediction platform Polymarket places the odds slightly lower, at 64%. This is the first time a U.S.-based firm has filed for a spot ETF centered on a memecoin.
According to 21Shares president Duncan Moir, the company sees Dogecoin growing beyond a basic digital asset. However, the S-1 filing focuses strictly on price tracking and marketing partnerships.
DOGE Leads Memecoins as Trading Volumes Change
At press time, Dogecoin was trading at $0.1554, a daily gain of 6.71%. Its market cap rose to $23.13 billion, up by 6.76%. However, daily trading volume fell slightly by 0.29%, settling at $2 billion.
The memecoin’s total and circulating supply is unchanged at 148.79 billion DOGE. Dogecoin is currently among the most visited memecoins, alongside AIC, TRUMP, and SHIB.
It also ranks third among top daily gainers in the meme token market. Notably, other memecoins like SQRL and DOGMI posted higher short term gains. Total memecoin market cap now is at $44.16 billion, with a 24 hour volume of $7.13 billion.
