The United States exchange Nasdaq has submitted a request for regulatory approval to list a 21Shares exchange-traded fund (ETF) that will hold Dogecoin, a popular memecoin. This bold move comes on the heels of the initial proposal filed by 21Shares in April and is part of a broader trend where various asset managers are looking to capitalize on the growing interest in cryptocurrencies.
21Shares has also sought permission to list ETFs holding other cryptocurrencies like Solana (SOL), XRP, and Polkadot (DOT), indicating a growing diversity in the types of digital assets available to investors. As this regulatory process unfolds, it offers the potential for Dogecoin to become accessible to a broader range of investors through an ETF structure, pending approval from the Securities and Exchange Commission (SEC).
Onslaught of Altcoin ETFs
With the momentum generated by President Trump’s call for a more accommodating regulatory approach towards cryptocurrencies, fund issuers have lined up to request the listing of various altcoin ETFs. As of late April 2025, more than 70 crypto ETFs were awaiting the SEC’s review, spanning native tokens of alternative layer-1 (L1) networks, as well as a growing number of memecoins.
While exchanges like Nasdaq are eager to broaden their portfolio of crypto offerings, they are simultaneously advocating for stricter regulatory oversight from the SEC. In an April comment letter, Nasdaq argued that digital assets should be held to the same regulatory standards as securities if they can be classified as “stocks by any other name.” This push for regulatory clarity is paramount as the landscape of digital assets continues to evolve rapidly.
Understanding Dogecoin’s Utility
Dogecoin itself has garnered significant attention, boasting a market capitalization nearing $26 billion. Unlike many other memecoins, DOGE serves as the native token of its own network, designed as a proof-of-work blockchain that offers a faster and cheaper alternative to Bitcoin for peer-to-peer transactions. Recent data indicates that Dogecoin processed over 40,000 transactions within a single day, showcasing its practical utility in the cryptocurrency ecosystem.
As blockchain developers continue to innovate, upcoming projects like the QED Protocol and Nexus aim to bring layer-2 solutions to Dogecoin, allowing for the introduction of smart contracts on the network. This development could further enhance Dogecoin’s functionality and adoption in the broader crypto marketplace.
The request to list the 21Shares Dogecoin ETF could represent a significant step in legitimizing Dogecoin as a mainstream investment vehicle, underscoring the ongoing transformation of the cryptocurrency landscape. Investors and analysts alike will be watching closely to see how the SEC responds in the coming months.
