Nasdaq has launched a groundbreaking proposal to list the 21Shares Dogecoin ETF, unlocking unprecedented access to DOGE through mainstream brokerage channels.
Nasdaq Seeks SEC Approval to Launch 21Shares Dogecoin ETF
Nasdaq filed a proposal on April 28 with the U.S. Securities and Exchange Commission (SEC) to list and trade shares of the 21Shares Dogecoin exchange-traded fund (ETF). 21Shares US LLC will manage the ETF, aiming to provide investors with indirect access to DOGE through a traditional brokerage account.
According to the filing, the Trust operates as a passive investment vehicle and avoids using leverage, derivatives, or speculative trading strategies. It tracks Dogecoin’s performance through the CF DOGE-Dollar US Settlement Price Index.
The Trust’s investment objective is to seek to track the performance of dogecoin, as measured by the Pricing Benchmark, adjusted for the Trust’s expenses and other liabilities.
The document states:
The filing highlights that the Trust will hold actual Dogecoin, and Coinbase Custody Trust Company LLC will serve as the custodian. Authorized participants will create and redeem shares exclusively with cash, without interacting directly with DOGE. A designated third party, called the “Dogecoin Counterparty,” will handle the purchase or sale of Dogecoin for share creations and redemptions.
The filing explains that Authorized Participants will deliver only cash to create shares and will receive only cash when redeeming them. The trust further clarifies that it will not acquire any incidental rights (IR) or IR assets received through forks or airdrops and will disclaim them, ensuring pure exposure to DOGE without speculative elements.
It is also emphasized in the filing that Nasdaq’s readiness to meet regulatory standards is ensured through robust surveillance mechanisms, with the following statement:
The exchange believes that its surveillance procedures are adequate to properly monitor the trading of the shares on the exchange during all trading sessions and to deter and detect violations of exchange rules and the applicable federal securities laws.
To support surveillance, Nasdaq has a comprehensive information-sharing agreement with Coinbase Derivatives, a member of the Intermarket Surveillance Group. The proposed ETF will only begin trading after the SEC declares the related registration statement effective. If approved, the 21Shares Dogecoin ETF would join recent approvals for bitcoin and ether spot-based exchange-traded products, marking another major expansion for crypto-based investment vehicles in traditional financial markets.
