TL;DR
- Nasdaq filed a formal request with the SEC to list a Dogecoin ETF operated by 21Shares, using the S-1 form.
- Grayscale and Bitwise also moved forward with similar proposals, anticipating a possible increase in institutional demand for DOGE.
- After the filing was made public, Dogecoin rose 2% and reached $0.1796, while traders speculate on potential price breakouts.
Nasdaq submitted a formal request to the United States Securities and Exchange Commission (SEC) to list and trade a Dogecoin ETF operated by 21Shares.
This procedure, carried out through the S-1 form, marks the start of the evaluation process for the approval of the proposed fund. The product would offer exposure to the cryptocurrency for institutional investors. DOGE is a memecoin that was born as a joke and today maintains an active user base and a market capitalization of nearly $27 billion.
The SEC must publish the filing in the Federal Register and open a public comment period before making a decision. This process is standard for all new ETF proposals, whether for traditional assets or cryptocurrencies. It’s worth noting that 21Shares had already filed a 19b-4 form for this same product weeks ago, signaling its intent to enable institutional investment vehicles based on Dogecoin.
Other Firms Follow 21Shares’ Lead
In addition to 21Shares, Grayscale and Bitwise also submitted similar proposals, showing that several asset managers are looking to be positioned for a potential increase in institutional demand for Dogecoin. The possibility that more companies may initiate filings in the coming months remains on the table, especially if market volume rises or media attention around the popular memecoin intensifies.
Dogecoin’s price rose 2% after the filing was made public. The memecoin reached a value of $0.1796 per unit. Some analysts believe there could be price jumps if these funds get the green light. The trader known as Trader Tardigrade commented that Dogecoin has been oscillating within different ranges, with false breakouts limiting its progress, although he estimates a definitive breakout could be approaching.
Dogecoin Attracts Institutional Interest
Institutional interest in Dogecoin marks a new stage for the cryptocurrency, which for years remained outside of traditional financial circuits. While the U.S. market is still assessing its stance on these kinds of products, regulatory and corporate developments confirm that cryptocurrencies — even those born as memes — are seeking a place in institutional portfolios.
