Nasdaq files to list 21Shares Dogecoin ETF, signaling mainstream crypto acceptance

Nasdaq has submitted a 19B-4 kind to the US Securities and Trade Fee (SEC) to help the checklist of a brand new 21Shares Spot Dogecoin (Doge) Trade-Traded Fund (ETF), in line with a April 29 submit.

The proposed fund would supply traders passive publicity to the worth of Dogecoin with out endeavor speculative buying and selling actions equivalent to leverage, derivatives or different monetary preparations.

In response to the submission:

“The belief gives traders the chance to not directly entry the Dogecoin market through a standard brokerage account with out the potential entry thresholds or dangers concerned in preserving a Dogecoin or acquiring a Dogecoin spot market.”

Coinbase would function the preservator of the 21Shares doge ETF property, whereas the CF DOGE-Greenback US Settlement Value Index would supply the worth benchmark.

The alternate emphasised his skill to test buying and selling actions and stop manipulation, referring to its membership of the Intermarket Surveillance Group (ISG).

In response to the corporate, his presence on this group will give entry to real-time data elements with different regulated markets, together with Coinbase derivatives.

It added:

“The surveillance program contains real-time patterns for worth and quantity actions and postal commerce Surveillance patterns (eg Spoofing, marking the shut, pinging, phishing).”

Within the meantime, the ETF proposal marks an necessary step ahead for Dogecoin, which began in 2013 as a joke, however has since developed right into a significantly digitally lively. These days Dogecoin scores the eighth largest digital lively, with a market capitalization of round $ 26.5 billion.

Specifically, 21Shares will not be the one one on the lookout for approval for a Dogecoin-oriented product. Grey values ​​and Bitwise have additionally submitted functions for comparable Spot Dogecoin ETFs.

This wave of archives signifies that the rising trade belief that the SEC can quickly open the door for a wider vary of crypto funding choices outdoors of Bitcoin and Ethereum.

Nonetheless, crypto gamblers on the decentralized forecast platform Polymarket to believe There may be solely a 59% probability that the SEC will approve a Dogecoin ETF earlier than the top of the 12 months.