Nasdaq seeks SEC approval to list spot Dogecoin ETF from 21Shares

Nasdaq has filed a proposal with the SEC to list and trade shares of the 21Shares Dogecoin ETF, a new investment product aimed at tracking the price of DOGE, the most popular meme coin.

The 19b-4 filing follows 21Shares’ submission of an S-1 registration to the SEC earlier this month for its proposed Dogecoin ETF, joining Grayscale and Bitwise in seeking regulatory approval for their own DOGE-linked funds.

These proposed ETFs come at a time when interest in altcoin-based funds has surged, proven by a wave of new filings and a more crypto-friendly regulatory climate under the Trump administration.

21Shares’ proposed Dogecoin ETF will operate as a passive investment vehicle, with shares created and redeemed in blocks of 10,000 through authorized participants using cash transactions only. The trust will not employ leverage or derivatives, according to the filing.

Trading of ETF shares will be subject to Nasdaq’s surveillance procedures and trading rules. The exchange will require a minimum of 40,000 shares outstanding for an initial listing.

In supporting the proposal, Nasdaq argues that its membership in the Intermarket Surveillance Group (ISG) provides robust surveillance-sharing agreements, enabling it to detect and deter potential manipulation in the underlying Dogecoin market.

21Shares recently formed an exclusive partnership with the House of Doge to launch Dogecoin ETPs. These are the only Dogecoin ETPs endorsed by the Dogecoin Foundation, aiming to provide institutional-grade exposure to Dogecoin.

The Switzerland-based crypto asset manager is among the leading firms pushing multiple crypto ETF proposals in 2025, focusing on assets such as Solana, Dogecoin, XRP, and other altcoins to meet growing investor demand.

The SEC is currently reviewing 72 crypto-related ETF filings, including those from 21Shares, according to ETF expert Eric Balchunas.

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