- 21Shares has advanced its bid to launch the first spot Dogecoin ETF as Nasdaq files a 19b-4 proposal with the SEC.
- The move comes amid a more favorable regulatory climate under new SEC Chairman Paul Atkins, raising optimism for altcoin ETF approvals.
21Shares has taken its Dogecoin exchange-traded fund (ETF) proposal to the next level. On Tuesday, the Nasdaq Stock Market LLC submitted a 19b-4 filing with the U.S. Securities and Exchange Commission (SEC) to list and trade shares of the 21Shares Dogecoin ETF.
The move marks the second step in the regulatory approval process, following 21Shares’ initial S-1 registration filed on April 9. With this filing now submitted, the proposal awaits acknowledgment from the SEC and subsequent publication in the Federal Register, which would kick off the agency’s formal review.
As part of its Dogecoin ETF initiative, 21Shares also announced an exclusive partnership with the House of Doge, with the project being endorsed by the Dogecoin Foundation. The collaboration aims to establish credibility and community support behind the fund, which could be the first of its kind if approved.
The push for a Dogecoin ETF comes amid a broader shift in the SEC’s approach to crypto under new leadership. Paul Atkins, a known pro-crypto advocate, was sworn in as SEC Chairman on April 21 after being nominated by President Donald Trump.
Atkins has been openly critical of the previous administration’s stance on crypto regulation.
Innovation, unfortunately, has been stifled for the last several years due to market and regulatory uncertainty that unfortunately the SEC has fostered,
Atkins remarked last week.
21Shares is not alone in seeking to launch a Dogecoin ETF. Grayscale, Bitwise, and REX Shares have also filed proposals in recent months, as interest in altcoin-based investment vehicles continues to rise.
Notably, Bloomberg analysts earlier this year projected a 75% chance of approval for Dogecoin ETFs, second only to Litecoin (90%) and ahead of Solana (70%) and XRP (65%).
The current climate is bolstered by the SEC’s recent approvals of spot Bitcoin ETFs in January and spot Ethereum ETFs in July, opening the door for further altcoin-based funds.
Despite the momentum, DOGE is swapping hands with $0.1781 after a 1.70% surge in the past 24 hours. Notably, the digital asset has seen a 4.23% and 5.76% surge in the past week and month respectively with a $26.58B.
With Nasdaq now backing the proposal and the SEC under new, crypto-friendly leadership, 21Shares’ Dogecoin ETF may be well-positioned to break new ground in the expanding landscape of regulated digital asset products.
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