21Shares Officially Files Its Spot Dogecoin ETF Application with Nasdaq

Leading New York-based exchange Nasdaq has officially submitted a 19b-4 application with the SEC to list and trade shares of the 21Shares spot Dogecoin ETF.

Nasdaq (NDAQ.O) has officially submitted a 19b-4 application with the SEC to list and trade shares of the 21Shares (CRYPTO: 21DT) spot Dogecoin (CRYPTO: DOGE) ETF.

Nasdaq submitted the filing today, Section 19(b)(1) of the 1934 Securities Exchange Act. According to the filing, the exchange seeks to list and trade 21Shares spot Dogecoin ETF as a commodity-based trust shares under the Nasdaq Rule 5711(d).

Nasdaq's filing comes three weeks after 21Shares submitted an S-1 application to launch a spot-based Dogecoin ETF that will track DOGE’s performance.

Earlier this year, the SEC approved several exchange-traded funds (ETFs) to invest in futures contracts on cryptocurrencies, expanding investment opportunities in the digital asset space.

Nasdaq also provided key details for the proposed spot Dogecoin ETF. The Dogecoin ETF is organized as a Maryland statutory trust, with 21Shares highlighted as the fund’s sponsor and manager.

An unnamed trust company in Maryland will serve as the trustee of 21Shares’ Dogecoin ETF. 21Shares is expected to appoint a third party as the ETF administrator. Coinbase (NASDAQ:COIN) Custody will hold the ETF’s Dogecoin on behalf of the trust.

The filing further illuminated the investment objective of 21Shares’ spot Dogecoin ETF. It is a passive investment vehicle with no plans to generate additional returns for investors.

This implies that 21Shares will not be speculatively buying DOGE at lower prices in anticipation of future price increases or selling Dogecoin at a higher value to lock in profit. Moreover, the sponsor of the ETF will not utilize strategies such as derivatives or leverage to meet its investment objectives.

Instead, the ETF will track Dogecoin’s performance by mirroring the CF DOGE-Dollar US Settlement Price Index. This index measures the U.S. dollar price of Dogecoin at the time of each daily futures settlement on the CME.

The development comes as top asset managers are applying to launch exchange-traded funds for Dogecoin. Unlike most crypto ETFs, only a handful of asset managers—Bitwise, Grayscale (CRYPTO: GRTLG), and 21Shares — are seeking the SEC’s permission to launch spot ETFs tied to Dogecoin.

NYSE Arca has already submitted exchange applications to list and trade shares of Bitwise's spot Dogecoin ETF and Grayscale’s converted Dogecoin Trust. The SEC has also acknowledged the Grayscale and Bitwise applications, with the final deadline for potential approval set for October 11 and November 12, 2025, respectively. Notably, 21Shares DOGE ETF will also undergo a similar process.

Following Nasdaq's application, the SEC is expected to acknowledge the filing within two weeks. This acknowledgment automatically kicks off a 240-day window in which the SEC must decide whether to approve or disapprove the application.

It is worth noting that the SEC has clarified that meme coins like Dogecoin are not securities. Therefore, DOGE is not subject to any regulatory uncertainty that could hinder the potential launch of spot ETFs tied to the cryptocurrency.

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