Dogecoin ETF: The Wild Ride to SEC Approval You Won’t Believe! 🚀

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Well now, gather ’round, folks, for I bring tidings of a curious venture! The fine folks at 21Shares have taken it upon themselves to knock on the door of the United States Securities and Exchange Commission, seeking approval for a spot exchange-traded fund that’s as tied to Dogecoin as a hound is to its master. 🐶

On the 9th day of April, in the year of our Lord 2023, they filed a Form S-1 registration statement, laying out their grand plans for the 21Shares Dogecoin ETF. This fund, bless its heart, aims to track the price of Dogecoin (DOGE) using the CF DOGE-Dollar US Settlement Price Index as its guiding star, with Coinbase Custody as the trusty custodian. Who knew a dog could have such a fancy bank? 💰

Now, this ETF is designed to be as passive as a cat on a sunny windowsill, meaning it won’t be dabbling in any of that fancy leverage or derivatives nonsense. No, sir! It will hold actual Dogecoin and calculate its daily net asset value (NAV) based on that benchmark index, like a diligent squirrel counting its acorns. 🐿️

As for trading, the Trust won’t be chasing after DOGE like a dog after a squirrel, except during share creations and redemptions or to cover certain fees. A rather tame affair, if you ask me!

In a bid to spread the good word and engage the community, 21Shares has enlisted the help of the House of Doge, the corporate arm of the Dogecoin Foundation. They’re here to sprinkle some marketing magic and strategic positioning dust over the ETF, making it shine brighter than a new penny in a piggy bank. 🐷

This SEC move is but a piece of a grander Dogecoin strategy, as 21Shares and House of Doge are working together like peanut butter and jelly. Just a day prior, the asset manager announced the world’s first Dogecoin ETP on Switzerland’s SIX Swiss Exchange, proudly bearing the ticker “DOGE.” Talk about a doggone good time! 🎉

21Shares president Duncan Moir, with a twinkle in his eye, proclaimed that this ETP would provide investors with a regulated instrument to engage with what he calls a “cultural and financial movement.” Sounds fancy, doesn’t it? Like a parade of dogs in top hats! 🎩

Now, let’s not forget that the SEC has been busy as a bee, receiving applications for a DOGE ETF from three other contenders: Grayscale, Bitwise, and Rex Shares. It’s a veritable dogfight out there! 🐕

Grayscale’s Form 19b-4 filing was acknowledged by the Commission on February 13, kicking off a 240-day review period to evaluate the proposed rule change for listing the ETF. Meanwhile, Bitwise decided to throw its hat in the ring with its own 19b-4 proposal via NYSE Arca on March 3. It’s a race to the finish line, folks!

According to the betting platform Polymarket, there’s a 64% chance that a spot Dogecoin ETF will be approved this year. So, hold onto your hats, because this ride is just getting started! 🎢

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2025-04-10 09:31