Dogecoin soars as 21Shares files S-1 for DOGE ETF
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Asset manager 21Shares filed a registration with the SEC to launch a Dogecoin ETF.
The 21Shares Dogecoin ETF will be custodied by Coinbase Custody Trust.
DOGE has seen double-digit gains following President Trump's 90-day tariff pause.
Dogecoin (DOGE) rallied nearly 12% on Wednesday after asset manager 21Shares filed an S-1 application with the Securities & Exchange Commission (SEC) to launch the 21Shares Dogecoin exchange-traded fund (ETF).
21Shares files for Dogecoin ETF as memecoin sector rallies 12%
Asset manager 21Shares filed an S-1 registration with the SEC, requesting to launch a Dogecoin ETF. The fund will provide exposure to the price of Dogecoin without direct sales of the cryptocurrency.
Coinbase Custody Trust will hold the fund's tokens and serve as the official custodian for the ETF. The filing also states that the fund will be a passive investment vehicle that does not seek to generate returns beyond tracking the price of the token.
"Registered investment vehicles are essential for broadening access to digital assets, and Dogecoin's growing adoption underscores its significance in the crypto ecosystem," said Duncan Moir, President at 21Shares, in a press release.
21Shares partnered with House of Doge, the corporate arm of the Dogecoin Foundation, to provide marketing, strategy, and related services to the fund.
The filing placed 21Shares with several other companies, including Bitwise, REX Shares, and Grayscale, that are seeking to launch a Dogecoin ETF. These companies are all awaiting regulatory green light from the SEC to begin trading Dogecoin ETFs in the US.
DOGE rallied above 10% following the filing, as the general crypto market looked to recover from its recent downturn.
The surge comes alongside a rally in the memecoin sector, which jumped over 12% as President Donald Trump announced a 90-day tariff pause on 75 countries.
Despite the recent rally, DOGE remains down in the weekly and yearly timeframes, with losses of 5% and 17%, respectively.
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