Nasdaq seeks U.S. SEC approval for listing 21Shares Dogecoin ETF

Nasdaq filed with the U.S. SEC seeking approval to list and trade 21Shares DOGE ETF shares under Nasdaq Rule 5711(d), which governs the listing and trading of Commodity-Based Trust Shares on the exchange. The proposal came after 21Shares successfully launched a Dogecoin ETP with over $1.64M in AUM and a 17% YTD return. 

Nasdaq proposed listing and trading 21Shares DOGE ETF shares under Nasdaq Rule 5711(d), which governs the listing and trading of Commodity-Based Trust Shares on the exchange.

21Shares U.S. LLC will sponsor the DOGE ETF and a Maryland trust company will serve as the trustee of the Trust. A third party appointed by the sponsor and/or the trustee will be the administrator of the Trust. 

According to the Registration Statement, the Trust will be a passive investment vehicle that will not seek to generate returns beyond tracking the price of Dogecoin (DOGE), meaning that the sponsor will not speculatively sell Dogecoin at times when its price is high or speculatively buy Dogecoin at low prices in the expectation of future price increases. It also means the Trust will not utilize leverage, derivatives, or any similar arrangements in seeking to meet its investment goal. 

Nasdaq also noted that the Trust’s investment objective was to track the performance of Dogecoin, as measured by the performance of the CF DOGE-Dollar U.S. Settlement Price Index adjusted for the Trust’s expenses and other liabilities.

Nasdaq files with the U.S. SEC to list and trade the 21Shares DOGE ETF

BREAKING: 🇺🇸 21SHARES FILES FOR
DOGECOIN $DOGE ETF WITH NASDAQ.

GET READY FOR ALTSEASON 🚀 pic.twitter.com/OVsfR2YKBh

— Max (@MaxCryptoxx) April 29, 2025

Nasdaq filed with the U.S. SEC to list and trade the 21Shares Dogecoin ETF under Nasdaq Rule 5711(d)–a rule that typically governs the listing and trading of Commodity-Based Trust Shares. Coinbase Custody Trust Company, LLC will be the custodian and will hold all Dogecoin on the Trust’s behalf. 

Nasdaq explained that when the Trust sells or redeems its shares, DOGE will be transferred into or out of the Trust–as applicable–in exchange for blocks of 10K shares (a ‘basket’) that will be based on the quantity of Dogecoin attributable to each share of the Trust. 

However, the Nasdaq registration statement also read in part that “Neither the Trust, nor the Sponsor, nor the Dogecoin Custodian, nor any other person associated with the Trust will, directly or indirectly, engage in action where any portion of the Trust’s Dogecoin is used to earn additional Dogecoin or generate rewards or other income.”

The Registration Statement particularly disclosed that the Trust was not an investment company registered under the Investment Company Act of 1940, as amended, and was not subject to regulation under the 1940 Act. The Trust was also not a commodity pool for purposes of the Commodity Exchange Act of 1936, as amended, and the sponsor was not subject to regulation by the Commodity Futures Trading Commission (CFTC) as a commodity pool operator or a commodity trading advisor.

21Shares partners with the ‘House of Doge’ to launch DOGE ETP in Europe

21Shares formed an exclusive partnership with the House of Doge to create the only Dogecoin ETP endorsed by the Dogecoin Foundation, which will be listed on the SIX Swiss Exchange under the ticker DOGE. 

21Shares President Duncan Moir said the exclusive partnership provided investors with the most direct and accessible way to gain exposure to the Dogecoin ecosystem. He added that Dogecoin had become more than a cryptocurrency: it represented a cultural and financial movement that continued to drive mainstream adoption–and DOGE offered investors a regulated avenue to be part of an exciting project.

“This partnership marks a very large step forward for the Dogecoin vision.”

– Jens Wiechers, Advisory Board Member at House of Doge and Co-Executive Director of the Dogecoin Foundation

Sarosh Mistry, the Director-Elect of the House of Doge, said the partnership with 21Shares demonstrated the growing maturity and legitimacy of Dogecoin in the financial world.

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