Dogecoin ETF Race Joined by 21Shares

The move to introduce a spot dogecoin ETF (DOGE) to the U.S. market now includes three crypto-focused asset managers, with 21Shares joining Bitwise and Grayscale.

The Switzerland-based crypto asset manager submitted an initial S-1 filing with the U.S. Securities and Exchange Commission on Thursday.

The fund would be custodied by 21Shares and Coinbase. The management fee as well as the ticker and which stock exchange would list the fund have yet to be announced. Whichever exchange that ends up being will have to file a 19b-4 document with the SEC to make the submission official and tie the regulator to a decision deadline.

As part of the filing, the company entered into a partnership with the Dogecoin Foundation’s corporate arm, House of Doge, which will help market the fund.

If a DOGE ETF is approved, it would become the first ETF tracking a meme coin, a crypto asset that was created as a joke. But DOGE has long evolved into more than that, inspiring the name of the government’s latest initiative, the Department of Government Efficiency (DOGE) which is led by Elon Musk.

DOGE is currently the 9th largest crypto currency by market cap at $23 billion.