21Shares Files for First U.S. Dogecoin ETF, Tapping Into Meme Coin Momentum

21Shares, one of the largest issuers of cryptocurrency exchange-traded products, has officially filed for a spot Dogecoin ETF in the United States. The firm submitted a Form S-1 registration statement with the U.S. Securities and Exchange Commission (SEC) on April 9, 2025, signaling its intention to offer a regulated investment vehicle tracking the price of Dogecoin (DOGE).

According to the filing, the ETF would track the performance of Dogecoin using the CF Dogecoin-Dollar Settlement Price (DOGEUSD_RR). If approved, it would mark the first spot Dogecoin ETF in the U.S. market, providing investors with direct exposure to the popular meme coin through a traditional financial product. The launch of the ETF is contingent not only on approval of the S-1 form but also a corresponding Form 19b-4 that must be greenlit by the SEC.

Coinbase Custody Trust has been proposed as the custodian for the ETF, continuing its role as a key partner for crypto-focused funds. Notably, 21Shares is collaborating with the House of Doge, the corporate branch of the Dogecoin Foundation, to support marketing and strategic positioning efforts around the ETF. This partnership aims to align the fund with the broader Dogecoin community and culture, which has historically played a central role in the asset’s market relevance.

Dogecoin Rallies on ETF Hype Amid Broader Market Optimism

Following the announcement, Dogecoin saw a significant price increase, trading above $0.15 and marking an 8% gain over a 24-hour period. The surge was part of a larger crypto market rally influenced by external macroeconomic developments, including President Trump’s temporary 90-day suspension of tariffs on 75 countries. Market sentiment has been buoyed by a combination of regulatory signals and easing trade policy.

The ETF filing by 21Shares adds to a growing list of asset managers seeking to legitimize and expand access to Dogecoin through institutional-grade products. Bitwise and Grayscale have also signaled interest in Dogecoin ETFs, reflecting a broader trend toward the normalization of non-traditional cryptocurrencies within mainstream investment strategies.

The move comes amid growing demand for diversified crypto exposure and a resurgence in interest around meme coins, particularly from younger retail investors. If approved, the 21Shares Dogecoin ETF would offer a regulated, custodial route for gaining DOGE exposure—bypassing the need for self-custody or participation in less regulated crypto platforms.

The SEC’s response to the application will likely be closely watched, as it may set precedent for future filings involving other meme coins or alternative crypto assets. With the spot Bitcoin and Ethereum ETFs gaining traction earlier this year, the Dogecoin ETF could be the next step in bridging retail enthusiasm with institutional structure.

As the regulatory landscape evolves, the filing from 21Shares signals not just a speculative play, but a maturing crypto market increasingly intersecting with traditional finance.