The prospect of a Dogecoin exchange-traded fund (ETF) finally making its way into the US financial markets has taken a major step forward

The SEC's acknowledgment of 21Shares' DOGE ETF filing signals the start of an official review process. On May 13, 2025, the Commission published a notice confirming that Nasdaq's request to list the 21Shares Dogecoin ETF had been received, effectively putting the proposal on the public docket.

The U.S. Securities and Exchange Commission (SEC) has officially acknowledged 21Shares' filing for a Dogecoin (DOGE) exchange-traded fund (ETF), kicking off the formal review process for the crypto product.

The development signals a major step toward the prospect of a DOGE ETF finally making its way into the U.S. financial markets. Fresh optimism has arisen with the SEC confirming receipt of Nasdaq's request to list and trade shares of 21Shares' series of exchange-traded products.

Specifically, the Commission has begun reviewing an application from 21Shares to launch a spot DOGE ETF, and a request from Nasdaq to list and trade shares of the 21Shares product.

The SEC's acknowledgment signals the start of an official review process, and it follows 21Shares' initial registration of its spot DOGE ETF on April 9. The firm partnered with the Dogecoin Foundation's corporate arm, known as House of Doge, to help promote the fund.

The proposed ETF is designed as a passive trust holding actual DOGE tokens, tracking a benchmark index of the meme coin's price without using leverage or derivatives. Coinbase Custody Trust was also brought on as the custodian for the fund's DOGE holdings, probably to target institutional and retail brokerage channels.

The review of the Dogecoin ETF comes at a time when the SEC's stance on crypto products is shifting.

Under the new leadership of SEC Chair Paul Atkins, the agency has shown signs of a more open approach toward cryptocurrency investments. The current administration in Washington has been described as more crypto-friendly than its predecessor, and the S.E.C has recently taken steps like dismissing cases against crypto companies and engaging in crypto-focused discussions with industry stakeholders.

This backdrop of a softer regulatory outlook gives the DOGE ETF bid a fighting chance that might not have existed just a couple of years ago.

In addition to 21Shares, several other asset management firms have filed applications to launch Dogecoin ETFs in the United States. Bitwise Asset Management submitted its application for a spot Dogecoin ETF on January 28, 2025, with NYSE Arca proposing to list the fund. REX Shares, in partnership with Osprey Funds, filed for a Dogecoin ETF in January 2025. Their application is among different memecoins, including products linked to the $TRUMP token and BONK.

As of mid-May 2025, the SEC is reviewing DOGE ETF applications from 21Shares, Bitwise, Grayscale, and the REX-Osprey partnership. Industry analysts estimate a 63% to 75% chance of approval for these ETFs this year.