Nasdaq filed to list the 21Shares Dogecoin ETF, according to a public document released in late April. The exchange is asking the U.S. Securities and Exchange Commission (SEC) for approval to list and trade shares of this ETF, which would hold Dogecoin (DOGE).
This filing followed 21Shares’ proposal on April 10 to launch a spot Dogecoin ETF. That proposal came shortly after Bitwise and Grayscale submitted similar applications. Nasdaq’s move adds to a growing list of traditional exchanges seeking to list crypto-related ETFs.
Dogecoin had a market capitalization of nearly $26 billion on April 29, based on CoinGecko data. The ETF would give broader access to Dogecoin exposure via traditional investment channels, subject to regulatory approval.
Over 70 Crypto ETF Applications Await SEC Decision
The SEC is currently reviewing more than 70 crypto ETF applications, as of April 21. The list includes ETFs tied to both layer-1 blockchain tokens and memecoins.
Among those under review are ETFs for Solana (SOL) at $147.08, XRP at $2.25, and Polkadot (DOT) at $4.14. Applications also mention memecoins like Bonk (BONK) at $0.00001984 and Official Trump (TRUMP) at $13.17.
The increase in filings follows an order by President Donald Trump during the early months of his second term in January 2025. He directed the SEC to adopt a more open stance toward cryptocurrency-related financial products.
That directive triggered a wave of new ETF applications, including the 21Shares Dogecoin ETF, as fund issuers moved to position their products ahead of regulatory changes.
Nasdaq Pushes for Equal Rules for Digital Assets
In a comment letter dated April 25, Nasdaq urged the SEC to apply the same regulations to digital assets that apply to traditional securities. The letter argued that digital tokens acting as financial instruments should follow the same rules as company stocks.
Nasdaq stated that digital assets should be held to “the same regulatory standards as securities if they constitute stocks by any other name.”
This request reflects a broader call by exchanges and fund issuers to clarify how digital asset ETFs should be treated under U.S. financial laws. The outcome could affect the fate of the 21Shares Dogecoin ETF and dozens of other proposals.
Dogecoin Network Usage Backs ETF Filing
Dogecoin is not just a memecoin. It is the native token of the Dogecoin blockchain, a proof-of-work network used for peer-to-peer transactions.
As of April 29, the network processed over 40,000 transactions in 24 hours, according to data from Bitinfocharts.com. Dogecoin is known for lower transaction fees and faster processing compared to Bitcoin.
The Dogecoin blockchain continues to run its own infrastructure, unlike many memecoins that rely on third-party networks. This independence strengthens its use case in crypto payments.
In September 2024, developers QED Protocol and Nexus revealed plans to build a layer-2 solution for Dogecoin. The new layer aims to bring smart contract features to the Dogecoin blockchain, although this development is not part of the ETF application.
