21Shares Joins Bitwise, Grayscale in Race To Launch Dogecoin (DOGE) ETF

The transfer to introduce a spot dogecoin ETF (DOGE) to the U.S. market now contains three crypto-focused asset managers, with 21Shares becoming a member of Bitwise and Grayscale.

The Switzerland-based crypto asset supervisor submitted an preliminary S-1 submitting with the U.S. Securities and Exchange Commission on Thursday.

The fund can be custodied by 21Shares and Coinbase. The administration charge in addition to the ticker and which inventory alternate would checklist the fund have but to be introduced. Whichever alternate that finally ends up being must file a 19b-4 doc with the SEC to make the submission official and tie the regulator to a call deadline.

As a part of the submitting, the corporate entered right into a partnership with the Dogecoin Foundation’s company arm, House of Doge, which is able to assist market the fund.

If a DOGE ETF is authorised, it might turn into the primary ETF monitoring a meme coin, a crypto asset that was created as a joke. But DOGE has lengthy developed into greater than that, inspiring the title of the federal government’s newest initiative, the Department of Government Efficiency (DOGE) which is led by Elon Musk.

DOGE is at present the ninth largest crypto forex by market cap at $23 billion.