21Shares Aims for a First: Dogecoin ETF Filed with U.S. Regulators

Crypto asset manager 21Shares has taken a bold step into meme territory by filing for a U.S.-listed Dogecoin exchange-traded fund (ETF). The company submitted a Form S-1 to the Securities and Exchange Commission, initiating the process to launch what could become the first ETF dedicated to the original memecoin.

The proposed Dogecoin ETF would mirror the price performance of Dogecoin using futures from CF Benchmarks and would also include actual holdings of the cryptocurrency. To move forward, the SEC must also greenlight a Form 19b-4 before the fund can be listed on a U.S. exchange.

This move follows a similar filing by Bitwise earlier this year, reflecting a growing trend among issuers seeking to capitalize on the resurgence of interest in altcoin-based ETFs. While several spot Bitcoin ETFs have seen considerable success since their launch, no ETF has yet focused on a meme-based coin.

Dogecoin, launched in 2013 as a parody, evolved into a cultural and financial phenomenon, especially after receiving vocal support from Tesla CEO Elon Musk. At its peak in 2021, the coin reached a market cap of over $85 billion.

At the time of the announcement, Dogecoin surged 13.4% to $0.1612, signaling strong investor interest in the possibility of mainstream recognition for the iconic memecoin.