Zurich-based asset manager 21Shares has joined the race to introduce a spot-based exchange-traded fund (ETF) tied to Dogecoin (DOGE). 

According to an S-1 filing recently submitted to the SEC, the spot ETF will mirror Dogecoin’s performance. Notably, 21Shares characterized the Dogecoin ETF as a passive investment that does not seek to generate returns for investors via leverage or derivatives. The ETF will hold actual Dogecoin, which will be valued based on the pricing index. 

Coinbase Custody Trust Company will hold Dogecoin in custody for the ETF, while 21Shares will serve as its sponsor. 

Other Key Details Remain Unknown 

The filing did not disclose what exchange 21Shares spot Dogecoin ETF will list and trade on. However, if the asset manager decides where shares of the ETF will trade, the exchange will submit a 19b-4 filing. This would make 21Shares application for a Dogecoin ETF official, potentially tying the SEC to an approval timeline.  

Currently, the ticker, trustee, and management fee of 21Shares DOGE ETF were not stated in the preliminary prospectus. 

House of Doge to Provide Special Services 

Dogecoin Foundation’s corporate arm, House of Doge, will act as a service provider for the ETF. Specifically, it would provide licensing, marketing, strategy, and related services. 

Recall that 21Shares recently partnered with the House of Doge to introduce a Dogecoin ETP endorsed by the Dogecoin Foundation. The ETP will trade under the ticker DOGE on the SIX Swiss Exchange with a 2.5% management fee. 

Shortly after launching the DOGE ETP, 21Shares extended its partnership with the House of Doge for the potential launch of its spot Dogecoin ETF in the United States. 

DOGE ETF Race Intensifies 

Following 21Shares’ S-1 application, three asset managers are seeking to launch spot DOGE ETFs in the U.S. Grayscale and Bitwise were the first to file with the SEC for spot DOGE ETFs. 

Both Grayscale and Bitwise are seeking to launch shares of their Dogecoin ETFs on NYSE Arca. The exchange has already submitted 19b-4 filings for both funds. As previously reported, the SEC acknowledged the Grayscale 19b-4 filing in February, taking the application closer to approval. 

Should the SEC approve the Dogecoin ETF, it could contribute to DOGE’s evolution beyond its meme coin origin. It has been evolving beyond its meme origin, with top industry stakeholders like Robinhood CEO Vladimir Tenev backing the coin to become the currency of the internet. 

Interestingly, DOGE also aligns with the name of a U.S. federal agency, the Department of Government Efficiency (D.O.G.E.). The agency, led by Tesla CEO Elon Musk, aims to help the U.S. government cut federal spending by eliminating fraud and waste.