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Nasdaq seeks modification of regulations to facilitate the listing of a 21Shares Dogecoin Exchange-Traded Fund

Dogecoin-tracking Exchanged Traded Funds (ETFs) have been applied for by Bitwise and Grayscale.

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Breaking Down the Dogecoin ETF Race

Nasdaq seeks modification of regulations to facilitate the listing of a 21Shares Dogecoin Exchange-Traded Fund

With the surge in popularity of cryptocurrencies, it's no surprise that the race to list a Dogecoin ETF has heated up. Recently, Nasdaq, in collaboration with 21Shares, applied to the U.S. Securities and Exchange Commission (SEC) for a rule change that would allow the exchange to list shares of a Dogecoin ETF [1].

The proposed ETF would track the price of Dogecoin, following in the footsteps of Bitcoin and Ethereum ETFs that secured approval last year [1]. Prior to this, crypto asset managers Grayscale and Bitwise had already expressed their interest in Dogecoin ETFs, with Grayscale filing an S-1 registration statement earlier this month and Bitwise making a move in late January [1].

While the SEC has yet to make a decision on Nasdaq and 21Shares' proposal, they have already started their deliberations on the Grayscale application [2]. However, it's important to note that these filings do not guarantee approval [1].

Here's a quick rundown of the current status and structural differences of the Dogecoin ETF applications by major firms:

Nasdaq & 21Shares ETF

  • Status: Nasdaq has filed a 19b-4 application with the SEC, following a prior S-1 registration. The SEC has not yet ruled on this proposal, and broader ETF decisions for DOGE are pending [2][3][5].
  • Structure: The ETF would directly hold Dogecoin, tracking the CFGE-D US Settlement Index [4]. Coinbase Custody Trust secures the tokens [4]. There are no derivatives or leverage strategies involved [4].
  • Collaborations: The Dogecoin Foundation has given its support to 21Shares' proposed ETF, stating that it would reinforce Dogecoin's role in mainstream finance [1].

Bitwise ETF

  • Status: The SEC has delayed its decision on Bitwise’s Dogecoin ETF application until June 17, 2025 [4], with related filings indicating that this date may be subject to change.
  • Structure: Likely similar to 21Shares’ passive model, but the exact details are yet to be specified in filings [4][5]. However, Bitwise’s proposal is distinct from 21Shares’ collaborative approach with the Dogecoin Foundation [4][5].

Grayscale & Rex Shares

Currently, there are no active Dogecoin ETF applications from Grayscale or Rex Shares mentioned in the filings [2][4][5].

Interestingly, Miami-based Rex Shares has submitted an application for a Dogecoin ETF under the so-called 40 Act, which is subject to a 75-day review process [1]. This type of fund combines assets with derivatives.

With a market capitalization of $76.3 billion, Dogecoin ranks as the eighth largest cryptocurrency by total value and is the crypto industry's preeminent meme coin [1]. Over the past week, Dogecoin's price has risen 6.3% to $0.18 [1].

We'll definitely keep you posted on any updates surrounding these Dogecoin ETF applications!

Edited by James Rubin

References:1. CoinDesk2. SEC3. 21Shares4. Bitwise Asset Management5. Grayscale

  1. The Dogecoin ETF race has intensified, with Nasdaq and 21Shares applying for a rule change to list Dogecoin ETF shares.
  2. The proposed ETF would track the price of Dogecoin, emulating the approval of Bitcoin and Ethereum ETFs in the previous year.
  3. Grayscale and Bitwise have shown interest in Dogecoin ETFs, with Grayscale filing an S-1 registration statement this month and Bitwise making a move in late January.
  4. The SEC is currently deliberating on Nasdaq and 21Shares' proposal, but a decision hasn't been made yet.
  5. The Nasdaq and 21Shares ETF would directly hold Dogecoin, following the CFGE-D US Settlement Index and secured by Coinbase Custody Trust, without involving derivatives or leverage strategies.
  6. The Dogecoin Foundation has supported 21Shares' proposed ETF, stating it could reinforce Dogecoin's role in mainstream finance.
  7. Bitwise's Dogecoin ETF application decision has been delayed until June 17, 2025, with the possibility of subject to change in related filings.
  8. Miami-based Rex Shares has submitted an application for a Dogecoin ETF under the 40 Act, which combines assets with derivatives and subject to a 75-day review process.
Dogecoin-centered ETF applications submitted by Bitwise and Grayscale.

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