- 21Shares files with the SEC to launch a spot Dogecoin ETF backed by real assets.
- Coinbase Custody to store Dogecoin securely; APs transact via third-party firms.
- NAV tracks the CF DOGE-Dollar Index using real-time trade data from exchanges.
Crypto investment firm 21Shares officially filed for a spot Dogecoin ETF with the SEC, dated April 9, 2025. The filing arrives as regulatory attention intensifies ahead of a new SEC chair appointment expected later this month.
ETF Structure Targets Direct Dogecoin Exposure
According to a report by Bullish Beast, the 21Shares Dogecoin ETF proposes a passive structure tracking the CF DOGE-Dollar US Settlement Price Index. The Trust holds physical Dogecoin and calculates share value daily based on the pricing benchmark. The ETF avoids speculative strategies, derivatives, or leverage, focusing strictly on Dogecoin price movements.
Coinbase Custody Trust Company, LLC, stores all Dogecoin assets using cold wallet storage for maximum security. Meanwhile, House of Doge Inc., a corporate affiliate of the Dogecoin Foundation, provides blockchain support services. The fund does not list an exchange or ticker yet, pending SEC clearance and required 19b-4 submission.
NAV Methodology, Tax Structure, and Regulatory Position
The net asset value (NAV) is calculated daily using volume-weighted median trade data collected every second from major exchanges. CF Benchmarks Ltd., a UK-regulated index provider, oversees benchmark integrity under ISAE 3000 auditing standards. GAAP-compliant principal market valuation appears in the Trust’s financial disclosures.
Each sale of Dogecoin by the Trust is treated as a taxable event for shareholders under U.S. tax law. The ETF is not governed by the Investment Company Act of 1940 or classified as a commodity pool. 21Shares is not registered as an investment adviser, and the fund does not offer FDIC insurance.
Pending SEC Approval and Broader Market Position
As stated in the James Seyffart report, the spot Dogecoin ETF joins filings from firms like Bitwise and Grayscale. Approval is stalled until a new SEC chair assumes office, who will shape upcoming crypto ETF decisions. Bloomberg analysts estimate a 75% approval chance this year, while Polymarket traders assign 64% odds.
Besides the U.S. filing, 21Shares launched a fully-backed Dogecoin product on Switzerland’s SIX Exchange under ticker “DOGE,” with a 2.5% fee. Duncan Moir, President of 21Shares, confirmed House of Doge will lead marketing for both U.S. and Swiss offerings. The Trust was officially formed as a Maryland statutory trust on April 1, 2025.
