Nasdaq has filed a 19b-4 kind with the US Securities and Change Fee (SEC) to assist the itemizing of a brand new 21Shares Spot Dogecoin (DOGE) Change-Traded Fund (ETF), based on an April 29 submitting.
The proposed fund would provide traders passive publicity to Dogecoin’s worth with out participating in speculative buying and selling actions like leverage, derivatives, or different monetary preparations.
In accordance with the submitting:
“The Belief gives traders with the chance to not directly entry the marketplace for Dogecoin by way of a conventional brokerage account with out the potential boundaries to entry or dangers concerned with holding or transferring Dogecoin instantly or buying it from a Dogecoin spot market.”
Coinbase would function the custodian of the 21Shares DOGE ETF belongings, whereas the CF DOGE-Greenback US Settlement Worth Index would offer the pricing benchmark.
The alternate emphasised its capacity to watch buying and selling exercise and stop manipulation, citing its membership within the Intermarket Surveillance Group (ISG).
In accordance with the agency, its presence on this group will enable it entry to real-time data sharing with different regulated markets, together with Coinbase Derivatives.
It added:
“The surveillance program contains real-time patterns for worth and quantity actions and post-trade surveillance patterns (e.g., spoofing, marking the shut, pinging, phishing).”
In the meantime, the ETF proposal marks a major step ahead for Dogecoin, which started as a joke in 2013 however has since advanced right into a severe digital asset. As we speak, Dogecoin ranks because the eighth-largest digital asset, with a market cap of round $26.5 billion.
Notably, 21Shares will not be alone in searching for approval for a Dogecoin-focused product. Grayscale and Bitwise have additionally filed functions for comparable spot Dogecoin ETFs.
This wave of filings indicators rising trade confidence that the SEC could quickly open the door to a broader vary of crypto funding choices past Bitcoin and Ethereum.
Regardless of this, crypto bettors on the decentralized prediction platform Polymarket consider there may be solely a 59% likelihood that the SEC will approve a Dogecoin ETF earlier than the tip of the yr.
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