Nasdaq has submitted a 19B-4 form to the US Securities and Exchange Commission (SEC) to support the list of a new 21Shares Spot Dogecoin (Doge) Exchange-Traded Fund (ETF), according to a April 29 submit.
The proposed fund would offer investors passive exposure to the price of Dogecoin without undertaking speculative trading activities such as leverage, derivatives or other financial arrangements.
According to the submission:
“The trust offers investors the opportunity to indirectly access the Dogecoin market via a traditional brokerage account without the potential entry thresholds or risks involved in keeping a Dogecoin or obtaining a Dogecoin spot market.”
Coinbase would serve as the preservator of the 21Shares doge ETF assets, while the CF DOGE-Dollar US Settlement Price Index would offer the price benchmark.
The exchange emphasized his ability to check trading activities and prevent manipulation, referring to its membership of the Intermarket Surveillance Group (ISG).
According to the company, his presence in this group will give access to real-time information parts with other regulated markets, including Coinbase derivatives.
It added:
“The surveillance program includes real-time patterns for price and volume movements and postal trade Surveillance patterns (eg Spoofing, marking the close, pinging, phishing).”
In the meantime, the ETF proposal marks an important step forward for Dogecoin, which started in 2013 as a joke, but has since evolved into a seriously digitally active. Nowadays Dogecoin scores the eighth largest digital active, with a market capitalization of around $ 26.5 billion.
In particular, 21Shares is not the only one looking for approval for a Dogecoin-oriented product. Gray values and Bitwise have also submitted applications for similar Spot Dogecoin ETFs.
This wave of archives means that the growing industry trust that the SEC can soon open the door for a wider range of crypto investment options outside of Bitcoin and Ethereum.
Nevertheless, crypto gamblers on the decentralized forecast platform Polymarket to believe There is only a 59% chance that the SEC will approve a Dogecoin ETF before the end of the year.
