- Asset manager 21Shares has submitted a proposal to list a spot Dogecoin exchange-traded fund (ETF).
- Other firms, including Grayscale, Bitwise, and REX Shares, have also submitted applications for similar Dogecoin ETFs.
- The SEC is currently said to be reviewing over 70 crypto ETF applications,
Asset manager 21Shares has submitted a proposal to list a spot Dogecoin exchange-traded fund (ETF), marking the latest in a series of filings aimed at bringing crypto-related investment products to the mainstream.
The Nasdaq Stock Market filed the necessary 19b-4 document on Tuesday, a required step in the Securities and Exchange Commission’s (SEC) ETF approval process.
The 19b-4 filing follows 21Shares’ initial S-1 registration submitted on April 9.
In the earlier filing, the firm disclosed an exclusive partnership with the House of Doge to create funds backed by the Dogecoin Foundation.
Once the SEC acknowledges the 19b-4, it will be published in the Federal Register, beginning the formal review period.
Other firms, including Grayscale, Bitwise, and REX Shares, have also submitted applications for similar Dogecoin ETFs.
The filings come as the SEC signals a departure from its previous approach to digital assets.
Leadership change at the SEC
The regulatory shift follows the appointment of Paul Atkins as SEC Chairman on April 21.
Nominated by President Donald Trump, Atkins has taken a critical view of the agency’s prior policies under the Biden administration and former Chairman Gary Gensler.
“Innovation, unfortunately, has been stifled for the last several years due to market and regulatory uncertainty that unfortunately the SEC has fostered,” Atkins said last week.
Atkins’ confirmation, following a contentious Senate vote, is expected to accelerate decisions on a growing number of crypto-related proposals.
Acting Chair Mark Uyeda had previously delayed major rulings, and insiders attribute this to the lack of permanent leadership.
Crypto ETF backlog grows
The SEC is currently said to be reviewing over 70 crypto ETF applications, including products tied to major altcoins such as XRP, Solana, and Litecoin, as well as meme-themed and leveraged offerings.
Analyst Eric Balchunas called the ETF queue “wild,” noting the inclusion of everything from “Penguins, Doge, and 2x Melania.”
Bloomberg analysts in February estimated the highest probability of approval for Litecoin ETFs at 90%, followed by Dogecoin at 75%.
This recent push follows the agency’s approval of spot Bitcoin ETFs in January 2024 and spot Ethereum ETFs in July, both of which were seen as watershed moments for the crypto investment landscape.
As of the time of writing on Tuesday, the price of Dogecoin was up 0.4% to $0.1789.
