Nasdaq Files S-1 for 21Shares Dogecoin ETF, Awaits SEC Review
- Nasdaq files S-1 for 21Shares Dogecoin ETF, starting SEC approval process
- 21Shares Dogecoin ETF to track DOGE, offering institutional exposure
- Growing institutional interest boosts chances for Dogecoin ETF approval
Nasdaq has submitted an S-1 application with the U.S. Securities and Exchange Commission (SEC) to list the 21Shares Dogecoin ETF. The SEC has started the review and approval process for the ETF, which offers institutional investors direct exposure to Dogecoin. The SEC will review the submitted application to determine whether it will approve or reject the ETF.
21Shares Dogecoin ETF
21Shares, a major asset manager, submitted the S-1 form to launch a spot Dogecoin ETF. The proposed fund will directly hold Dogecoin assets instead of depending on derivatives such as futures. The fund will use the CF Dogecoin-Dollar Settlement Price to track the Dogecoin price, which offers investors a regulated crypto investment product.
The SEC will review the application and collect public feedback before making a decision. The approval or denial of the Dogecoin ETF will be determined by whether the application meets regulatory standards. 21Shares application comes after the manager submitted a 19b-4 form this month to enable institutional access to Dogecoin.
The Dogecoin ETF will provide passive income on the investments made in the fund. The fund enables shares to be purchased and redeemed in blocks of 10,000 shares in cash. However, the fund will not use leverage and derivatives to ensure a direct investment approach.
Institutional Interest in DOGE Investment Products
Nasdaqs S-1 submission demonstrates its dedication to effectively monitoring the Dogecoin market. The exchange is a member of the Intermarket Surveillance Group (ISG), which aims to prevent market manipulation. These security measures ensure that the ETF complies with regulatory requirements.
21Shares has partnered with House of Doge, the corporate partner for Dogecoin Foundation, to promote the ETF. This partnership aims to boost marketing and licensing activities to improve the ETFs penetration in retail and institutional markets. The Swiss-based company accomplished market success in Europe when it launched the Dogecoin Exchange Traded Product (ETP) on the SIX Swiss Exchange.
DOGE ETF Race
Other prominent asset managers such as Grayscale and Bitwise have filed similar applications for DOGE ETFs. This reflects the increased institutional interest in meme coins like DOGE and could boost its market price. Additional DOGE-based ETFs could fuel institutional demand and likely propel DOGEs price.
More than 70 crypto ETF applications have been submitted for review to the SEC. If approved, the spot Dogecoin ETF will deliver regulated and secure investment access to DOGE. Experts have forecasted up to a 75% likelihood of Dogecoin ETF approval in 2025.
Read more: https://www.tronweekly.com/nasdaq-files-for-first-us-spot-dogecoin-etf/
Text source: TronWeekly
