- 21Shares’ DOGE ETP sees 17.74% YTD return, prompting U.S. ETF listing via Nasdaq.
- The DOGE ETF uses Coinbase custody and avoids direct crypto asset handling.
- Nasdaq taps Coinbase Derivatives to monitor DOGE futures and ensure market integrity.
Nasdaq is advancing plans to list a Dogecoin ETF backed by 21Shares, adding to the momentum around regulated crypto investment products. This development follows the recent success of 21Shares’ Dogecoin ETP in Europe, reporting notable returns and growing institutional interest.
Nasdaq ETF Application Follows Strong ETP Performance
21Shares has filed a proposal to list a Dogecoin ETF on Nasdaq, leveraging Rule 5711(d) for commodity-based trusts. The move comes on the heels of a 17.74% YTD return from its Dogecoin ETP and $1.64 million in assets under management.
The proposed ETF is designed to mirror Dogecoin’s spot price without using leverage, futures, or derivatives. It positions 21Shares as the first major issuer to attempt U.S. exchange-traded exposure to Dogecoin through traditional investment vehicles.
Stakeholders are also evaluating the broader implications of this listing as retail and institutional demand for regulated meme coin exposure grows. Market conditions have prompted a new wave of strategies focused on high-volatility crypto assets with mass appeal.
Structure, Custody, and Asset Benchmarking Plans Revealed
The ETF will operate as a Maryland statutory trust, managed by 21Shares US LLC and administered independently. As outlined in the document SR-NASDAQ-2025-034, Coinbase Custody Trust will secure all DOGE assets, while share creation and redemption occur in 10,000-share baskets.
These baskets are fulfilled using fiat deposits, with Dogecoin sourced from third-party partners vetted by the Sponsor. Neither investors nor authorized participants will directly handle DOGE, reinforcing compliance with U.S. financial safeguards.
Emerging evidence points toward shifting dynamics in ETF structures as sponsors avoid direct engagement with underlying crypto. NAV will be determined daily at 4:00 p.m. ET, using CF Benchmarks’ DOGE-Dollar Settlement Index, based on real-time trading from Coinbase, Kraken, and Gemini.
Regulatory Context and Market Oversight Framework
The ETF is not registered under the Investment Company Act of 1940 nor classified as a commodity pool. The sponsor will not earn staking rewards, claim airdrops, or engage in DOGE yield strategies, ensuring strict asset passivity.
Changing regulatory frameworks have intensified discussions around surveillance protocols and market correlation safeguards. Nasdaq’s agreement with Coinbase Derivatives, a member of ISG, enables oversight of Dogecoin futures to detect potential spot market manipulation.
