Nasdaq applies to list 21Shares Dogecoin (DOGE) ETF

The Nasdaq exchange has applied for permission from regulators to list a 21Shares exchange-traded fund (ETF) that holds the popular Dogecoin.

The move comes after 21Shares submitted its initial proposal for a Dogecoin ETF on April 10, following similar applications from rivals Bitwise and Grayscale.

The asset manager is also seeking regulatory permission to list ETFs that hold other cryptocurrencies, including Solana (SOL), Ripple (XRP), and Polkadot (DOT).

Nasdaq must obtain approval from the U.S. Securities and Exchange Commission (SEC) before listing and trading the fund. The request enters a regulatory review process that could determine whether Dogecoin can be made available to a wider range of investors through an ETF structure.

A new wave of altcoin ETF applications

Fund issuers have applied to list dozens of altcoin ETFs after U.S. President Donald Trump instructed the U.S. Securities and Exchange Commission (SEC) to take a friendlier approach to cryptocurrencies after the start of his second term in January.

As of April 21, more than 70 cryptocurrency ETFs are awaiting SEC review. The list includes Layer-1 (L1) native tokens like Solana (SOL) and Sui (SUI), as well as meme coins like Bonk (BONK) and Official Trump (TRUMP).

Meanwhile, exchanges like Nasdaq are pushing for stricter U.S. regulation of digital assets as they seek to list more cryptocurrency ETFs. In an April 25 comment letter, Nasdaq urged the SEC to apply the same regulatory standards to digital assets as securities if they constitute “another form of stock.”

Dogecoin’s Utility

Dogecoin (DOGE) is a popular meme coin with a market cap of nearly $26 billion as of April 29, according to Coingecko.

Unlike most other meme coins, DOGE is the native token of the Dogecoin network.

The proof-of-work blockchain network is designed to serve as a faster and cheaper peer-to-peer payment alternative to Bitcoin (BTC).

According to Bitinfocharts.com, Dogecoin processed more than 40,000 transactions in the past 24 hours.

In September 2024, blockchain developers QED Protocol and Nexus plan to launch a second layer (L2) scaling solution designed to bring smart contracts to Dogecoin.