The Nasdaq exchange has taken a pivotal step in the world of cryptocurrency investments by filing a 19b-4 form with the Securities and Exchange Commission (SEC) on Tuesday. This filing is aimed at securing approval for the listing and trading of shares in the highly anticipated 21Shares Dogecoin ETF.
Asset manager 21Shares, in partnership with the House of Doge — the corporate arm of the Dogecoin Foundation — submitted an S-1 registration with the SEC on April 10. This collaboration aims to promote the fund and ensure its effective integration into the growing realm of traditional finance.
The proposed ETF is designed to track the performance of dogecoin, relying on the CF DOGE-Dollar US Settlement Price Index, adjusted for the Trust’s expenses and other liabilities. By directly holding DOGE, this passive investment vehicle offers a straightforward means for investors to access the cryptocurrency market.
Notably, the Trust plans to avoid the use of leverage, derivatives, or similar financial arrangements to achieve its investment objectives, maintaining a simpler, more transparent structure. Furthermore, Coinbase Custody Trust will be responsible for holding the fund’s tokens and acting as the official custodian for the ETF, enhancing the safety and reliability of the investment.
This filing arrives at a curious time, as the SEC has recently postponed its decision regarding Bitwise’s application for a spot DOGE ETF, extending the review period until June 15. The progress of the 21Shares Dogecoin ETF could set a significant precedent in the asset management industry, illustrating increased mainstream acceptance of digital currencies.
As the landscape of cryptocurrency investment continues to evolve, the approval of the 21Shares Dogecoin ETF could be a game changer, potentially paving the way for further innovation and opportunities in the sector.
