TLDR
- 21Shares submitted an amended S-1 filing for its Dogecoin ETF with ticker TDOG.
- The amended filing signals progress in 21Shares’ bid for a Nasdaq Dogecoin ETF.
- 21Shares plans a $1.5M Dogecoin purchase ahead of ETF launch on Nasdaq.
- SEC still reviewing the 21Shares Dogecoin ETF after multiple delays.
21Shares has amended its S-1 filing for a spot Dogecoin ETF as it prepares for a potential approval from the U.S. Securities and Exchange Commission (SEC). The updated filing confirms important details about the ETF, including its ticker symbol, TDOG, and plans for listing on Nasdaq. This step follows a series of delays, largely due to the U.S. government shutdown. The approval of Dogecoin ETFs could soon reshape the market for digital assets.
21Shares Submits Amended S-1 Filing
21Shares has made an important move in its quest to launch a spot Dogecoin ETF. The company filed an amended S-1 with the SEC, confirming that TDOG will be the official ticker for its proposed ETF.
The amendment is part of a final push ahead of the SEC’s decision. Nasdaq, the exchange on which the ETF will be listed, has filed a 19b-4 proposal in support of the listing under its commodity-based trust rules.
The filing also indicates that the ETF will track the performance of Dogecoin (DOGE) by referencing the CF Dogecoin-Dollar US Settlement Price Index. Though the SEC has yet to approve the ETF, the amended filing suggests that operational steps are being put in place, signaling that the process is moving forward.
SEC Approval Still Pending
Despite the recent filing, the SEC’s approval of the 21Shares Dogecoin ETF remains uncertain. The commission has extended its review of the proposal multiple times. Most recently, in mid-August, the SEC initiated proceedings on the Nasdaq listing, further delaying a decision. Experts had initially expected a resolution on the ETF by October 18, but the prolonged U.S. government shutdown has impacted the timeline.
The situation surrounding other crypto ETFs has been similarly delayed, with several filings awaiting approval. However, the SEC did approve new generic listing standards for commodity and digital-asset ETFs in September. These changes have shortened the review process for future filings, although each asset remains subject to individual scrutiny.
Market Sentiment Around Dogecoin ETFs
The sentiment in the market is shifting as the SEC’s decision nears. Recent events, including the U.S. government shutdown and the pro-crypto roundtable with key figures from Ripple, Coinbase, and other firms, have boosted investor confidence in the approval of crypto ETFs. Analysts have suggested that the SEC could approve multiple crypto ETFs at once once the shutdown ends, further fueling market optimism.
Dogecoin’s price has responded to the heightened sentiment, with a notable rebound. Over the past 24 hours, the price of DOGE increased by more than 6%, rising to $0.20. If the ETF is approved, analysts believe Dogecoin’s price could see further gains, with some predicting a rise to $0.29, and potentially higher levels if the approval triggers broader market movements.
Key Operational Details of the Dogecoin ETF
The 21Shares Dogecoin ETF is a physically backed product, meaning it will hold actual DOGE assets. The company has disclosed a $1.5 million initial purchase of Dogecoin as part of its plan to fund the ETF prior to its listing.
Additionally, Coinbase Custody Trust Company will serve as the custodian for the trust, and 21Shares US LLC will be the seed capital investor. The ETF will also involve Wilmington Trust NA as the trustee, Foreside Global Services for marketing, and Cohen & Company for accounting services.
While the specific management fee for the ETF has not yet been disclosed, the filing notes that a sponsor fee will accrue daily and be payable in DOGE bi-weekly. These details are expected to evolve as the ETF moves closer to launch.
The filing also provides updated risk factors and terms, ensuring that potential investors have a clear understanding of the structure of the product before it becomes available for trading.
