Nasdaq, in its infinite wisdom and relentless drive to stay “relevant,” is boldly stepping into the crypto world, proposing the 21Shares Dogecoin ETF. The idea? A chance to dabble in DOGE through your regular brokerage account, of course. Because why not mix the excitement of meme coins with the “safety” of Wall Street?
Nasdaq Seeks SEC Approval to Launch 21Shares Dogecoin ETF
In a thrilling development, Nasdaq filed a proposal on April 28 to list and trade shares of the 21Shares Dogecoin exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC). Ah yes, because nothing says “serious investment” like a cryptocurrency famously associated with Shiba Inus and internet memes.
Managed by 21Shares US LLC, this ETF promises to offer investors indirect access to the shiny, beloved DOGE via traditional brokerage accounts. Goodbye, blockchain mining rig headaches; hello, middlemen and complex paperwork!
Per the filing, this so-called Trust is designed as a passive investment vehicle — no wild leveraging, no risky derivatives, just plain, old-fashioned tracking of Dogecoin via the CF DOGE-Dollar US Settlement Price Index. If you’re looking for excitement, you might want to try roller coasters instead:
The Trust’s investment objective is to seek to track the performance of dogecoin, as measured by the Pricing Benchmark, adjusted for the Trust’s expenses and other liabilities.
Nothing says “we’re keeping it simple” like an entire paragraph explaining how the Trust will hold actual Dogecoin. If you’re wondering, Coinbase Custody Trust Company LLC will handle the custodianship — because who else? They’re experts in securing digital assets that could go to the moon or crash faster than a tech startup’s IPO.
In a delightfully dry note, the filing insists that shares will only be created and redeemed with cash, avoiding direct involvement with DOGE. Enter: the “Dogecoin Counterparty,” a mysterious figure (we assume dressed in a cloak) who will handle the actual crypto buying and selling. But fear not, as the Trust reassures us:
“Authorized Participants will deliver only cash to create shares and will receive only cash when redeeming shares,” it says, as though we were all waiting for that clarification. It also promises to “disclaim any incidental right (‘IR’) or IR asset,” which basically means no accidental crypto windfalls. No airdrops, no forks — just pure, unadulterated DOGE exposure. Whew, what a relief.
And then, because Nasdaq just can’t help itself, they emphasize their regulatory readiness — like a knight swearing allegiance to the queen:
The exchange believes that its surveillance procedures are adequate to properly monitor the trading of the shares on the exchange during all trading sessions and to deter and detect violations of exchange rules and the applicable federal securities laws.
To help with this Herculean task, Nasdaq has entered into an information-sharing agreement with Coinbase Derivatives, which is part of the Intermarket Surveillance Group. So, if you’re planning to sneak some DOGE past the surveillance gods, think again. The ETF, of course, won’t begin trading until the SEC gives its blessing — and let’s be real, who knows when that will happen?
If the SEC does approve this noble venture, the 21Shares Dogecoin ETF would follow in the footsteps of the recently approved bitcoin and ether spot ETFs. In other words, it could be yet another step toward making crypto a perfectly normal, well-regulated part of your portfolio. Maybe next, they’ll introduce a virtual reality ETF that tracks the rise of online cats. Who knows?
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2025-04-30 03:59