Nasdaq Seeks SEC Approval to Launch 21Shares Dogecoin ETF
Nasdaq filed a proposal on April 28 to list and trade shares of the 21Shares Dogecoin exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC). The ETF, which will be managed by 21Shares US LLC, aims to offer investors indirect access to DOGE through a traditional brokerage account.
According to the filing, the Trust is structured as a passive investment vehicle and will not utilize leverage, derivatives, or speculative trading strategies. It will track the performance of dogecoin using the CF DOGE-Dollar US Settlement Price Index. The document states:
The Trust’s investment objective is to seek to track the performance of dogecoin, as measured by the Pricing Benchmark, adjusted for the Trust’s expenses and other liabilities.
The filing highlights that the Trust will hold actual dogecoin, with Coinbase Custody Trust Company LLC serving as the custodian. Shares will be created and redeemed solely with cash through authorized participants, who will not directly interact with DOGE. Instead, a designated third party, referred to as a “Dogecoin Counterparty,” will handle the purchase or sale of dogecoin in connection with share creations and redemptions.
“Authorized Participants will deliver only cash to create shares and will receive only cash when redeeming shares,” the filing explains. The trust further clarifies that it “will not acquire and will disclaim any incidental right (‘IR’) or IR asset received, for example as a result of forks or airdrops,” ensuring a pure exposure to DOGE without speculative elements.
The filing also emphasizes Nasdaq’s readiness to meet regulatory standards through robust surveillance mechanisms, stating:
The exchange believes that its surveillance procedures are adequate to properly monitor the trading of the shares on the exchange during all trading sessions and to deter and detect violations of exchange rules and the applicable federal securities laws.
To support surveillance, Nasdaq has a comprehensive information-sharing agreement with Coinbase Derivatives, a member of the Intermarket Surveillance Group. The proposed ETF will only begin trading after the SEC declares the related registration statement effective. If approved, the 21Shares Dogecoin ETF would join recent approvals for bitcoin and ether spot-based exchange-traded products, marking another major expansion for crypto-based investment vehicles in traditional financial markets.
