Nasdaq wants to trade Dogecoin ETF

Nasdaq is applying to list a Dogecoin ETF, according to a 19b-4 form filed with the Securities and Exchange Commission (SEC).

What Happened: The Nasdaq exchange submitted a 19b-4 form to the SEC, permitting the listing of a Dogecoin ETF. Asset management 21Shares and the House of Doge, the corporate arm of the Dogecoin Foundation, jointly filed an S-1 registration for an ETF that seeks to provide investment results that, before fees and expenses, correspond to the CF DOGE-Dollar US Settlement Price Index.

The ETF will be a passive investment vehicle that directly holds DOGE. The filing states that the Trust will not accomplish its investing objective through leverage, derivatives, or similar arrangements.

Coinbase Custody Trust will act as the ETF’s official custodian and keep the fund’s tokens. The ETF’s management fee will be 0.85% of the ETF’s net asset value.

The submission comes after the SEC delayed its decision on Bitwise’s application for a spot DOGE ETF until June 15.

Why It's Important: While the idea of a Dogecoin ETF is interesting, the ETF will still need to go through the SEC’s approval process. The US regulator, known for its reserved stance on crypto, has already rejected or postponed several applications for crypto ETFs.

The SEC might be concerned about market manipulation issues, Dogecoin’s price volatility, or its lack of clear use cases compared to cryptocurrencies like Ethereum. However, the ETF’s open-ended structure and Nasdaq’s support could be advantageous.

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The ETF will be a direct-payoff product, meaning that it will pay out the full amount of Dogecoin to investors. This is in contrast to leveraged or derivative products, which can amplify losses or gains.

The ETF will also be actively managed by a professional investment manager, who will be responsible for making sure that the ETF tracks the underlying index as closely as possible.

If approved by the SEC, the ETF could begin trading as early as this year. This would make it the first Bitcoin ETF to be approved in the United States.

The ETF is being applied for by 21Shares, a European asset manager that has already applied for several other crypto ETFs in the United States. 21Shares is known for its innovative approach to asset management, and it is committed to providing investors with access to the latest and greatest investment products.

The House of Doge is the corporate arm of the Dogecoin Foundation, a non-profit organization dedicated to supporting the development and adoption of Dogecoin. The Dogecoin Foundation is a well-respected organization in the cryptocurrency community, and its involvement in the ETF is a testament to the growing legitimacy of Dogecoin.

Together, 21Shares and the House of Doge will apply for listing on the Nasdaq exchange. The ETF will be an open-ended investment trust that is passively managed and will not use leverage or derivatives. It will also be fully compliant with all applicable US securities laws and regulations.

The ETF will invest in a portfolio of crypto-assets selected by the Trust in accordance with the investment strategy described in the Trust’s prospectus. The Trust may invest in crypto-assets directly or indirectly through investment in other investment vehicles.

The Trust’s investment objective is to provide investment results that, before fees and expenses, generally correspond to the total return performance of CF DOGE-Dollar US Settlement Price Index, an index that measures the price of Dogecoin in US dollars.

The ETF will be listed on the Nasdaq exchange under the ticker symbol "DOGE." It is expected to begin trading in 2024.

The creation of a Dogecoin ETF could open the door for the creation of other meme coin ETFs, such as an SHIB ETF or a PEPE ETF. This could lead to a proliferation of new and interesting investment products in the US market. It could also lead to increased participation in the cryptocurrency market by retail investors.

It is still too early to say whether or not the SEC will approve the ETF. However, the fact that it is being applied for is a significant development in the world of cryptocurrency investing.input: Nasdaq wants to trade Dogecoin ETF

The Nasdaq exchange submitted a 19b-4 form to the Securities and Exchange Commission (SEC), permitting the listing of a Dogecoin ETF.

Asset management 21Shares and the House of Doge, the corporate arm of the Dogecoin Foundation, jointly filed an S-1 registration with the SEC on April 10 for an ETF that seeks to provide investment results that, before fees and expenses, correspond to the CF DOGE-Dollar US Settlement Price Index. The ETF is a passive investment vehicle that will directly hold DOGE and does not aim to accomplish its investing goal through leverage, derivatives, or similar arrangements, the filing adds.

The ETF’s official custodian will be Coinbase Custody Trust, which will keep the fund’s tokens, and the management fee for the