Nasdaq Seeks Approval to List 21Shares Dogecoin ETF

The Nasdaq exchange has formally requested approval from regulators to list a 21Shares exchange-traded fund (ETF) that will hold Dogecoin, a popular meme cryptocurrency, according to regulatory filings. This filing follows 21Shares’ initial proposal submitted on April 10 to launch the Dogecoin ETF, coming soon after similar applications by competitors like Bitwise and Grayscale. Additionally, 21Shares has sought approval for other cryptocurrency ETFs, including those holding Solana (SOL), XRP (XRP), and Polkadot (DOT).

Nasdaq must gain approval from the U.S. Securities and Exchange Commission (SEC) before it can list and facilitate trading of the fund. This application triggers a regulatory review process that could decide if Dogecoin will be made accessible to a broader pool of investors via an ETF structure.

A large number of altcoin ETFs are now under consideration, especially after U.S. President Donald Trump directed the SEC to adopt a more accommodating approach toward cryptocurrencies after his second term started in January. As of April 21, over 70 crypto ETFs were waiting for SEC review. These include altcoins like Solana (SOL) and Sui (SUI), as well as meme-based coins such as Bonk (BONK) and Official Trump (TRUMP).

While exchanges like Nasdaq continue to seek approval for more crypto ETFs, they are also advocating for stricter regulation of digital assets. In an April 25 comment letter, Nasdaq urged the SEC to treat digital assets as securities, emphasizing that they should be subject to the same regulatory standards as traditional stocks.

Dogecoin (DOGE), which holds a market cap of nearly $26 billion as of April 29, is one of the leading meme-based cryptocurrencies. It stands out from other memecoins as the native token of the Dogecoin network. This proof-of-work blockchain is designed to offer faster and cheaper peer-to-peer transactions compared to Bitcoin (BTC). Dogecoin processed over 40,000 transactions in the past 24 hours, according to Bitinfocharts.

In September 2024, blockchain developers QED Protocol and Nexus revealed plans for a layer-2 (L2) scaling solution aimed at introducing smart contracts to the Dogecoin network.