On April 10th, COINOTAG News reported that renowned financial analyst James Seyffart from Bloomberg revealed a significant development in the cryptocurrency sector. Digital asset management firm 21Shares has formally applied to the U.S. Securities and Exchange Commission (SEC) to establish a Dogecoin spot exchange-traded fund (ETF). This move follows in the footsteps of competitors such as Bitwise and Grayscale, marking a notable shift in institutional interest towards meme-based cryptocurrencies.
The proposed 21Shares Dogecoin ETF aims to meticulously track the fluctuations in the price of Dogecoin, a popular digital currency. As outlined in their recent S-1 registration statement, filed on April 9th, the venture has garnered support from the Dogecoin Foundation through its ally, the House of Doge. This collaboration is expected to enhance the marketing and promotional efforts surrounding the fund, suggesting a potential uptick in mainstream adoption and investor interest.