21Shares has submitted a proposal to america Securities and Trade Fee for a spot exchange-traded fund tied to Dogecoin.
On April 9, the corporate filed a Kind S-1 registration assertion with the SEC, outlining plans for the 21Shares Dogecoin ETF. The fund will monitor the value of Dogecoin (DOGE) utilizing the CF DOGE-Greenback US Settlement Worth Index as its benchmark, with Coinbase Custody named because the proposed custodian.
The ETF is designed as a passive funding car, that means it gained’t use leverage or derivatives. As a substitute, it would maintain precise Dogecoin and calculate its day by day internet asset worth (NAV) primarily based on the benchmark index.
The Belief gained’t actively commerce DOGE, besides throughout share creations and redemptions or to cowl sure charges.
Additional, to strengthen outreach and neighborhood engagement, 21Shares has introduced on Home of Doge, the company arm of the Dogecoin Basis, to help the advertising, branding, and strategic positioning of the ETF inside the broader Dogecoin ecosystem.
This SEC transfer cements what’s shortly changing into a multi-front Dogecoin technique between 21Shares and Home of Doge. Only a day earlier, the asset supervisor introduced the world’s first Dogecoin ETP on Switzerland’s SIX Swiss Trade beneath the ticker “DOGE.”
21Shares president Duncan Moir mentioned the ETP would give traders a regulated instrument to have interaction with what he referred to as a “cultural and financial movement.”
Over the previous months, the SEC has obtained purposes for a DOGE ETF from three different issuers, particularly Grayscale, Bitwise, and Rex Shares.
Grayscale’s Kind 19b-4 submitting was acknowledged by the Fee on Feb. 13, triggering a 240-day evaluation interval to judge the proposed rule change for itemizing the ETF. In the meantime, Bitwise filed its personal 19b-4 proposal by way of NYSE Arca on March 3.
In keeping with betting platform Polymarket, there may be at the moment a 64% probability {that a} spot Dogecoin ETF might be authorized this 12 months.
