21Shares Files for Dogecoin Spot ETF in U.S.

21Shares, a prominent crypto asset manager, has filed with the U.S. Securities and Exchange Commission (SEC) to launch a spot exchange-traded fund (ETF) for Dogecoin, joining Bitwise and Grayscale in this endeavor. This proposed ETF aims to offer investors regulated exposure to Dogecoin's price movements without directly purchasing the cryptocurrency, with Coinbase serving as the custodian. The filing is in partnership with the Dogecoin Foundation's corporate arm, House of Doge, which will assist in marketing the fund. The SEC's new chair, Paul Atkins, is seen as more crypto-friendly, potentially increasing the chances of approval. Meanwhile, 21Shares has already launched a Dogecoin exchange-traded product (ETP) on the SIX Swiss Exchange, marking significant institutional interest and legitimacy for the meme coin. Analysts predict a high likelihood of SEC approval, reflecting growing optimism in the crypto market amidst increasing institutional interest.