The U.S. Securities and Exchange Commission has begun reviewing a landmark proposal to list the first Dogecoin ETF on a major stock exchange. Nasdaq filed a Form 19b-4 seeking approval under Nasdaq Rule 5711(d) to list shares of the 21Shares Dogecoin Trust, marking a pivotal moment for meme coin institutionalization.
This filing comes three weeks after 21Shares submitted its S-1 registration statement on April 9, 2025. The dual regulatory process requires both SEC approval of Nasdaq’s rule change and effectiveness of 21Shares’ registration before trading can commence.
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21Shares: Crypto ETP Pioneer
The Switzerland-based firm, which created the world’s first physically-backed crypto ETP in 2018, brings seven years of digital asset product experience to this initiative. 21Shares already manages over $3 billion in crypto ETP assets across European exchanges.
Key details of the proposed ETF:
- Physically-backed structure holding actual Dogecoin
- Tracks CF Dogecoin-Dollar Settlement Price (DOGEUSD_RR)
- Coinbase Custody serving as digital asset custodian
Nasdaq’s Strategic Crypto Move
America’s second-largest stock exchange seeks to leverage its 5711(d) rule for commodity-based trust shares. This follows Nasdaq’s successful listing of bitcoin and ether ETFs earlier in 2025.
The exchange emphasized three key safeguards in its filing:
- Real-time DOGE price monitoring
- Surveillance-sharing agreements with Coinbase
- Daily blockchain wallet verification
Dogecoin’s Unlikely Institutional Journey
Originally created as a joke in 2013, DOGE now boasts a $18 billion market cap. The Shiba Inu-themed coin has seen:
| Metric | Value |
|---|---|
| 2025 Price | $0.12-$0.18 |
| Circulating Supply | 132 billion |
| Year-to-Date Volume | $48 billion |
SEC approval could validate DOGE’s transition from meme to mainstream asset. However, regulators previously rejected multiple bitcoin ETF proposals over market manipulation concerns before approving them in 2024.
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Market analysts predict approval could trigger a 40-60% DOGE price surge, mirroring bitcoin’s 2024 ETF announcement reaction. The decision timeline remains uncertain, with SEC typically taking 45-240 days to review 19b-4 filings. This proposal tests regulators’ willingness to embrace non-Bitcoin crypto assets through traditional financial vehicles.
