The U.S. Securities and Trade Fee has formally initiated proceedings to find out whether or not to approve or disapprove the proposed rule change for itemizing and buying and selling shares of the 21Shares Dogecoin ETF beneath Nasdaq Rule 5711(d). This procedural step represents a big milestone within the regulatory evaluation course of for what might develop into the primary spot Dogecoin exchange-traded fund in america.
The SEC’s order comes a number of months after 21Shares initially filed its Dogecoin ETF utility on April 10, 2025, with the fee formally acknowledging the submitting on Could 13, 2025. The formal proceedings mark the start of a structured evaluation course of that may prolong as much as 240 days, putting the ultimate choice deadline at January 9, 2026.
This growth happens amid a broader wave of altcoin ETF purposes, as a number of asset administration companies search to capitalize on the rising institutional demand for cryptocurrency publicity past Bitcoin and Ethereum. The proceedings will enable for public remark submission and supply a framework for the SEC to completely consider the proposed itemizing guidelines.
21Shares ETF Utility Particulars
21Shares collaborated with the Home of Doge, the company department of the Dogecoin Basis, to advertise the fund successfully and guarantee correct market illustration. The proposed ETF is designed as a passive funding car that might immediately maintain DOGE tokens, reflecting the efficiency of dogecoin as indicated by the CFGE-D US Settlement Index, with changes made for bills and liabilities.
Based on the submitting paperwork, the Belief is not going to have interaction in leverage, derivatives, or related complicated methods to attain its funding goals. This easy strategy mirrors the construction of profitable Bitcoin and Ethereum ETFs which have already gained SEC approval. Coinbase Custody Belief has been designated because the official custodian for the ETF, chargeable for safeguarding the fund’s digital property.
The Nasdaq trade submitted a 19b-4 type to the SEC on April 30, 2025, in search of approval for the itemizing and buying and selling of shares associated to the 21Shares Dogecoin ETF. This submitting represents the trade’s formal request so as to add the brand new funding product to its buying and selling platform, pending regulatory approval.
Dogecoin ETF Competitors Heats Up
21Shares faces vital competitors within the race to launch the primary spot Dogecoin ETF, with a number of different main asset administration companies having submitted their very own purposes. Grayscale Investments filed for a Dogecoin ETF earlier in 2025, although the SEC postponed its preliminary response to Grayscale’s utility in March, extending the evaluation timeline.
Bitwise Asset Administration additionally joined the competitors with its personal DOGE ETF utility, with the SEC initially delaying its choice and lengthening the evaluation interval to June 15, 2025. Rex Shares represents one other contender on this rising area of Dogecoin ETF candidates, as detailed in regulatory filings tracked by business observers.
The aggressive panorama displays the numerous market alternative that monetary companies see in Dogecoin-based funding merchandise. As of mid-2025, no DOGE ETF purposes have acquired approval, making the eventual winner doubtlessly very profitable when it comes to first-mover benefit and asset gathering capabilities.
Bloomberg analysts Eric Balchunas and James Seyffart have been carefully monitoring these developments, offering up to date odds for numerous cryptocurrency ETF approvals all through 2025. Their evaluation means that the second half of 2025 may very well be pivotal for altcoin ETF approvals, citing rising regulatory readability and rising institutional curiosity.
Regulatory Panorama and Approval Odds
The SEC’s strategy to cryptocurrency ETFs has developed considerably beneath the management of Paul Atkins, who’s described as extra libertarian-leaning in comparison with his predecessors. This shift in regulatory philosophy seems to have created a extra receptive atmosphere for various crypto merchandise past Bitcoin and Ethereum ETFs.
Business consultants notice that whereas Bitcoin ETFs took years to achieve approval, DOGE ETF proposals are progressing beneath what seems to be a extra accommodating SEC administration. The fee has established casual standards for cryptocurrency ETF approval, together with vital market liquidity, CFTC-regulated futures, and recognition as commodities slightly than securities.
Last choices on DOGE ETFs are anticipated between October 2025 and January 2026, because the SEC usually makes use of its full 240-day evaluation interval for every utility. The fee cites the necessity for thorough evaluation, requesting public feedback and extra time to judge market impression and regulatory issues earlier than making last determinations.
Based on industry analysis, Dogecoin falls right into a class of property with sturdy approval prospects, although particular share odds fluctuate amongst completely different analytical frameworks. The cryptocurrency’s established market presence and commodity-like traits work in favor of ETF approval.
Key dates and opponents for Dogecoin ETF purposes:
- 21Shares: Filed April 10, 2025 – Choice due January 9, 2026
- Grayscale: Filed early 2025 – Choice timeline prolonged
- Bitwise: Choice initially delayed to June 15, 2025
- Rex Shares: Utility pending evaluation
Set up Coin Push cell app to get worthwhile crypto alerts. Coin Push sends well timed notifications – so that you don’t miss any main market actions.
The potential approval of a Dogecoin ETF might have vital market implications, doubtlessly boosting DOGE’s worth considerably by enabling institutional funding, just like the optimistic impacts noticed with Bitcoin ETF approvals. Conversely, rejection of those purposes might trigger momentary worth volatility, although the long-term outlook for cryptocurrency ETF approvals stays usually optimistic given the evolving regulatory panorama and rising institutional adoption of digital property.
- ETF (Trade-Traded Fund)
- An funding fund traded on inventory exchanges like particular person shares, designed to trace an index, commodity, bonds, or basket of property. ETFs present traders with diversified publicity to underlying property with out immediately proudly owning them.
- 19b-4 Kind
- A regulatory submitting required by the Securities and Trade Fee when a self-regulatory group proposes a brand new rule or rule change. This manner initiates the formal evaluation course of for brand spanking new trade listings and buying and selling guidelines.
- Spot ETF
- An exchange-traded fund that immediately holds the underlying asset slightly than derivatives or futures contracts. Spot cryptocurrency ETFs bodily maintain the digital tokens they monitor, offering direct worth publicity.
- CFTC (Commodity Futures Buying and selling Fee)
- A U.S. federal company that regulates commodity futures and choices markets. CFTC oversight of cryptocurrency futures is usually seen as a optimistic issue for ETF approval issues.
- Custodian
- A monetary establishment chargeable for safeguarding and holding funding property on behalf of purchasers. In cryptocurrency ETFs, custodians safe digital tokens utilizing specialised storage options and safety protocols.