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 submitted the filing today under 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).
The Nasdaq filing comes three weeks after 21Shares submitted an S-1 application to launch a spot-based Dogecoin ETF that will track DOGE’s performance.
Details of 21Shares Dogecoin ETF
Like 21Shares, 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 Custody will hold the ETF’s Dogecoin on behalf of the trust.
Investment Objective
The filing clearly characterized 21Shares’ spot Dogecoin ETF as a passive investment vehicle with no plans to generate additional returns for investors.
This indicates that 21Shares will not speculatively buy DOGE at lower prices in anticipation of future price increases or sell Dogecoin at a higher value to lock in profit. Additionally, the sponsor of the ETF will not utilize strategies such as derivatives or leverage to meet its investment objectives.
Per the filing, the ETF will only track Dogecoin’s performance by mirroring the CF DOGE-Dollar US Settlement Price Index.
Growing Interest in Dogecoin ETFs
The development comes as top asset managers file to launch spot-based exchange-traded funds for Dogecoin. Unlike most crypto ETFs, only a handful of asset managers—Bitwise, Grayscale, 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.
Interestingly, 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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