Asset manager 21Shares has filed an S-1 form with the US Securities and Exchange Commission (SEC) to launch a spot Dogecoin exchange-traded fund (ETF), joining Grayscale and Bitwise in seeking approval.
21Shares has become the third asset manager to file for a DOGE ETF after submitting the S-1 form to the US SEC. The next step in the process involves filing a 19b-4 form through an exchange, which will officially initiate the SEC’s review process for the ETF. This development comes as the Dogecoin price rebounds following a wave of sell-offs that saw it drop to as low as $0.14.
Interestingly, 21Shares’ filing with the US SEC coincided with the launch of its Dogecoin exchange-traded product (ETP) on the SIX Swiss Exchange. This launch was made possible through a partnership with House of Doge, the corporate arm of the Dogecoin Foundation. According to the prospectus, House of Doge is expected to assist in marketing the proposed ETF if it receives approval from the SEC.
The proposed ETF will hold Dogecoin and provide institutional investors with an avenue to gain exposure to the top meme coin. Coinbase, a leading cryptocurrency exchange, will serve as the custodian for the proposed Dogecoin Trust, safeguarding the underlying Dogecoin. This move is expected to boost the meme coin’s adoption and drive further inflows into its ecosystem.
The filing has had an immediate impact on Dogecoin’s price, which rebounded amid this development. Crypto analyst Kevin Capital noted that a daily bullish divergence on DOGE’s chart is starting to play out, suggesting positive price momentum. While attributing this development partly to macroeconomic news, specifically Donald Trump’s decision to halt reciprocal tariffs for 90 days, Kevin Capital indicated that the charts were already hinting at this possibility.
The broader crypto market also rebounded on the back of this macroeconomic news. Crypto analyst Master Kebobi stated that the bottom is in for Dogecoin and predicts that its price will rally to the $1 level in the coming months. However, it remains to be seen if this will be a bullish reversal or a bear trap.