Dogecoin ETF Dreams Advance as 21Shares Files with SEC

21Shares has filed to launch a spot Dogecoin ETF (exchange-traded fund) in the United States, marking another push into meme coin investment products following similar moves by Bitwise and Grayscale.

According to its April 9 Form S-1 registration statement submitted to the US Securities and Exchange Commission (SEC), the proposed ETF would directly track the price of Dogecoin (DOGE), a cryptocurrency that originated in 2013 as a joke but has since evolved into a digital asset with a $24.2 billion market capitalization. 

DOGE currently ranks as the eighth-largest cryptocurrency by market value.

Also read: Will Dogecoin Reach $1?

While the filing names Coinbase Custody as the proposed custodian, it does not yet disclose the ETF’s ticker, fee structure, or the exchange on which it would be listed. 

21Shares also announced a marketing partnership with House of Doge, the corporate arm of the Dogecoin Foundation, to help promote the fund.

To formally begin the SEC approval process, 21Shares will need to file a Form 19b-4. Bloomberg ETF analyst James Seyffart described the recent wave of crypto ETF filings as a “spaghetti cannon approach,” referring to issuers’ strategy of launching a variety of products in hopes that some will gain regulatory traction.

In February, Seyffart and fellow Bloomberg analyst Eric Balchunas estimated a 75% chance that the SEC would approve a spot Dogecoin ETF in 2025. Betting platform Polymarket currently assigns the proposal a 64% probability of success.

Dogecoin ETF approval odds (Source: Polymarket)

Dogecoin began as a fork of Lucky Coin—a derivative of Bitcoin—and gained fame for its humorous branding and strong online community. While originally a meme coin, DOGE has become a symbol of grassroots financial culture, amplified by endorsements from high-profile figures like Elon Musk.

Also read: Dogecoin vs Bitcoin: Which is Better?

“Dogecoin has evolved into more than just a cryptocurrency; it now symbolizes a financial and cultural movement that keeps gaining traction,” said Duncan Moir, president of 21Shares.

Swiss Launch Bolsters Global Dogecoin ETF Strategy

On the same day as its US filing, 21Shares also announced the launch of a fully backed Dogecoin exchange-traded product (ETP) on Switzerland’s SIX Swiss Exchange. 

Trading under the ticker “DOGE,” the Swiss product comes with a 2.5% fee and also benefits from the firm’s collaboration with House of Doge for branding and awareness.

This Dogecoin initiative is the latest in a series of spot crypto ETF efforts by 21Shares. In addition to existing spot Bitcoin and Ether funds, the company has also filed for ETFs tied to Polkadot (DOT) and XRP, reflecting its strategy to offer diversified exposure across both established and emerging digital assets.

Also read: Beginner’s Guide to Mining Dogecoin Efficiently

Should the Dogecoin ETF gain SEC approval, it would offer US investors a regulated avenue to gain exposure to DOGE without directly owning the token—potentially signaling growing institutional comfort with meme-driven cryptocurrencies.