Dogecoin Secures Big Institutional Nod As 21Shares Files For Spot DOGE ETF After Exclusive Partnership With House Of Doge
21Shares, one of the worlds largest issuers of crypto exchange-traded products (ETPs), has applied for a spot exchange-traded fund based on Dogecoin (DOGE) in the US, backed by the House of Doge, underscoring the growing institutional interest in the OG meme cryptocurrency.
The firm announced that it had forged a partnership with the House of Doge to debut funds endorsed by the Dogecoin Foundation.
21Shares Joins DOGE ETF Race
On April 10, 21Shares filed an S-1 registration statement with the U.S. Securities and Exchange Commission (SEC) for its 21Shares Dogecoin ETF. If approved, the proposed investment vehicle would offer investors direct exposure to the price of DOGE without having to purchase the crypto.
As part of the filing, the Switzerland-based crypto asset manager teamed up with the Dogecoin Foundations corporate arm, House of Doge, which will help market the product to reinforce [the tokens] role in mainstream finance.
Registered investment vehicles are essential for broadening access to digital assets, and Dogecoins growing adoption underscores its significance in the crypto ecosystem, 21Shares President Duncan Moir posited in an official statement. By partnering with the House of Doge, we are taking a pivotal step in bringing transparent and institutional-grade investment options to the market.
Dogecoin is deemed the original meme coin and has a market cap of $22.9 billion, making it the eighth biggest crypto by that measure.
Coinbase Custody will custodie 21Shares DOGE ETF. The fee, ticker symbol, and US stock exchange where the fund will be listed will be announced later.
The filing comes a few weeks after the House of Doge created a reserve of 10 million DOGE, valued at around $1.5 million as per todays price. According to House of Doge, the reserve would act as liquidity for international transactions denominated in DOGE to boost wider adoption.
DOGE ETF Craze Builds As SEC Turns Pro-Crypto
Last month, the SEC postponed deciding on multiple proposals regarding Dogecoin, Litecoin, Solana, and XRP ETFs. Industry observers at the time were not surprised by the move, given that the U.S. Senate had not confirmed Trumps SEC chair pick, Paul Atkins.
As ZyCrypto reported earlier, the Senate has approved Atkins nomination as the next SEC chairman. The former SEC veteran is considered crypto-friendly, especially compared to his predecessor, Gary Gensler.
21Shares joins Bitwise and Grayscale, who have also previously applied to offer similar Dogecoin-based investment products in the United States. Bloomberg ETF analysts said in February that there is a 75% chance that the SEC will approve a spot Dogecoin ETF before the end of this year.
At press time, Dogecoin was priced at $0.15, down 5.5% over the past 24 hours, according to data provided by CoinGecko. The asset is down from a three-year-high price of $0.475 last November, when long-time DOGE proponent Elon Musk teased the Department of Government Efficiency, which shares the tokens ticker.
Text source: ZyCrypto
