On April 9, 2025, 21Shares, a leading name in digital asset management, filed a Form S-1 with the U.S. Securities and Exchange Commission (SEC) to introduce a spot Dogecoin ETF. This bold proposal aims to merge memecoins into traditional finance, opening doors for institutional investors to explore alternative digital currencies.
The 21Shares Dogecoin ETF seeks to follow Dogecoin’s current market price. Dogecoin (DOGE), ranking eighth among cryptocurrencies, holds a market capitalization of $24.2 billion. Coinbase Custody Trust Company manages custody for the fund, while House of Doge, connected to the Dogecoin Foundation, leads marketing efforts. Information about the ticker symbol, exchange, and fees remains undisclosed.
Dogecoin ETF: A Game-Changer for Memecoins in Institutional Investing
This filing places 21Shares in direct competition with companies like Bitwise and Grayscale, who also pursue SEC approval for altcoin ETFs linked to cryptocurrencies such as Polkadot, XRP, Litecoin, and Solana. The Dogecoin ETF fits perfectly into 21Shares’ strategy to diversify its cryptocurrency ETF lineup, which already includes spot Bitcoin (ARKB) and Ethereum products.
Increasing fascination with memecoins among retail and institutional investors reveals the crypto market’s maturation. Bloomberg analysts James Seyffart and Eric Balchunas project a 75% likelihood of SEC approval for a spot Dogecoin ETF in 2025. Meanwhile, Polymarket odds hover at 64%, showing a blend of caution and confidence.
21Shares Debuts Dogecoin ETP on SIX Swiss Exchange
In addition to its SEC filing, 21Shares races against Bitwise and Grayscale to gain approval for altcoin ETFs tied to assets like Polkadot, XRP, Litecoin, and Solana. The Dogecoin ETF supports 21Shares’ vision to expand its crypto ETF portfolio, leveraging successes like its spot Bitcoin (ARKB) and Ethereum offerings.
Memecoins now appeal to both individual traders and institutional players, marking a more evolved crypto landscape. Bloomberg analysts predict a 75% chance of SEC approval in 2025, while Polymarket’s 64% probability reflects restrained optimism.
What Makes Dogecoin (DOGE)? A Short Explanation
Dogecoin launched in December 2013, founded by Billy Markus and Jackson Palmer as a decentralized, open-source cryptocurrency inspired by the Shiba Inu “Doge” meme. Designed as a playful alternative to Bitcoin, it earned popularity through its friendly persona and engaged community.
Unlike Bitcoin, Dogecoin sets no limit on its supply, with over 148 billion tokens circulating. It operates on a Proof-of-Work system using the Scrypt algorithm, delivering quick one-minute block times47 and economical transactions. High-profile endorsements from Elon Musk and practical uses have pushed DOGE past its meme origins.
Dogecoin currently trades at $0.1561, reflecting a 6% rise over the past 24 hours. Furthermore, its trading volume grew slightly to $2.02 billion, and the memecoin’s market cap now sits at $23.23 billion.
How a Spot Dogecoin ETF Could Reshape the Crypto Landscape
If the SEC approves the 21Shares Dogecoin ETF, it would become the first U.S.-based ETF of its type, potentially welcoming memecoins into institutional portfolios. With its spot Bitcoin ETF (ARKB), co-managed with Ark Invest, already handling over $4.6 billion in assets, 21Shares demonstrates significant demand for regulated crypto investments.
Utilizing its experience and partnerships with custodians like Coinbase, 21Shares stands poised to seize the growing interest in varied crypto ETFs. This Dogecoin filing might also influence how regulators approach memecoins in an ever-changing market, as the SEC reviews an expanding range of altcoin ETF submissions.
