On April 9, 2025, 21Shares, a leading digital asset manager, submitted a Form S-1 to the U.S. Securities and Exchange Commission (SEC) to launch a spot Dogecoin ETF. This filing represents a bold move to integrate memecoins into mainstream finance, broadening institutional access to alternative cryptocurrencies.
The 21Shares Dogecoin ETF will track Dogecoin’s spot price. Dogecoin (DOGE) ranks eighth among cryptocurrencies with a $24.2 billion market cap. Coinbase Custody Trust Company acts as the fund’s custodian. Meanwhile, House of Doge, linked to the Dogecoin Foundation, handles marketing. Details like the ticker, exchange, and fees remain undisclosed.
Dogecoin ETF: A Milestone for Memecoins in Institutional Finance
The 21Shares filing positions it alongside competitors like Bitwise and Grayscale, who are also seeking SEC approval for altcoin ETFs tied to assets like Polkadot, XRP, Litecoin, and Solana. This Dogecoin ETF aligns with 21Shares’ goal to expand its crypto ETF offerings, which already include spot Bitcoin (ARKB) and Ethereum products.
Growing interest in memecoins from both retail and institutional investors reflects the maturing crypto ecosystem. Bloomberg analysts James Seyffart and Eric Balchunas estimate a 75% chance of SEC approval for a spot Dogecoin ETF in 2025, while Polymarket odds sit at 64%, indicating cautious market optimism.
21Shares Launches Dogecoin ETP on SIX Swiss Exchange
21Shares joins firms like Bitwise and Grayscale in seeking SEC approval for altcoin ETFs. These include Polkadot, XRP, Litecoin, and Solana. The Dogecoin ETF fits 21Shares’ plan to grow its crypto ETF lineup. For example, it already offers spot Bitcoin (ARKB) and Ethereum products.
Memecoins now attract both retail and institutional investors. This reflects a maturing crypto market. Bloomberg analysts give a 75% chance of SEC approval in 2025. However, Polymarket shows 64% odds, suggesting cautious hope.
What Is Dogecoin (DOGE)? A Quick Overview
Dogecoin, launched in December 2013 by Billy Markus and Jackson Palmer, is a decentralized, open-source cryptocurrency inspired by the Shiba Inu “Doge” meme. Originally a satirical alternative to Bitcoin, it gained traction thanks to its friendly branding and active user base.
Unlike Bitcoin, Dogecoin has no supply limit, with over 148 billion tokens in circulation. It operates on a Proof-of-Work system using the Scrypt algorithm, enabling fast one-minute block times and low-cost transactions. High-profile support from Elon Musk and its real-world utility have elevated DOGE beyond its meme roots.
The current Dogecoin price is $0.1561, up 6% in the past 24 hours. Token trading volume rose slightly to $2.02 billion. The memecoin’s market cap now stands at $23.23 billion.
The Impact of a Spot Dogecoin ETF on the Crypto Market
If approved, the 21Shares Dogecoin ETF would be the first U.S.-based ETF of its kind, potentially opening the door for memecoins in institutional portfolios. With its spot Bitcoin ETF (ARKB), co-managed with Ark Invest, already managing over $4.6 billion in assets, 21Shares demonstrates strong investor demand for regulated crypto products.
Leveraging its expertise and partnerships with custodians like Coinbase, 21Shares is well-positioned to capitalize on the rising interest in diversified crypto ETFs. The Dogecoin filing could also set a precedent for how regulators assess memecoins in an evolving market, as the SEC reviews a growing slate of altcoin ETF applications.
