21Shares Makes Bold Move with Spot Dogecoin ETF Filing: Details

Digital asset manager 21Shares has filed with the U.S. Securities and Exchange Commission (SEC) to launch a spot Dogecoin exchange-traded fund (ETF). 

The filing, submitted on April 9, marks a significant step for the popular memecoin, which began life in 2013 as a joke and now commands a market cap north of $24 billion, making it the eighth-largest cryptocurrency in existence.

According to the Form S-1 registration statement, the proposed ETF aims to directly track the price of Dogecoin. While the document stops short of naming a ticker symbol or stock exchange, it does confirm that Coinbase Custody would serve as the custodian. 

Additionally, 21Shares has teamed up with House of Doge—the corporate arm of the Dogecoin Foundation—for marketing support.

The fund is still in its early stages. For SEC approval, 21Shares must also submit a 19b-4 filing to formally initiate the review process. Until then, the DOGE ETF remains a proposal—albeit one that fits into a broader wave of creative filings sweeping across the crypto ETF landscape.

“Throwing Spaghetti at the SEC Wall”

This filing is the latest in a growing list of crypto ETFs from 21Shares, which already manages spot Bitcoin and Ether funds. Earlier this year, the firm filed to launch a spot Polkadot ETF, and in 2024, it submitted a proposal for an XRP fund.

The surge in filings hasn’t gone unnoticed. Bloomberg ETF analyst James Seyffart described the trend as a “spaghetti cannon approach,” where issuers are throwing everything at the SEC to see what might stick under the current regulatory regime. Alongside Grayscale and Bitwise, 21Shares is clearly testing the waters to gauge the Commission’s openness to expanding the crypto ETF universe.

Seyffart and fellow analyst Eric Balchunas estimate there’s a 75% likelihood the SEC greenlights a spot Dogecoin ETF this year. Meanwhile, crypto betting platform Polymarket pegs those odds at a more cautious 64%.

Dogecoin ETF Debuts in Switzerland

While the U.S. filing awaits regulatory review, 21Shares is already moving forward in Europe. The firm announced the launch of a fully backed Dogecoin ETP on Switzerland’s SIX Swiss Exchange, trading under the ticker “DOGE” with a 2.5% annual fee.

“Dogecoin has become more than a cryptocurrency,” said 21Shares president Duncan Moir. “It’s a movement—both cultural and financial—that’s driving mainstream interest. This fund offers investors a regulated on-ramp into that momentum.”