Dogecoin ETFs on the Horizon: Nasdaq, Grayscale, and More Seek Approval
Nasdaq seeks rule alteration to facilitate listing for a 21Shares Dogecoin Exchange-Traded Fund (ETF)
Breaking News
Nasdaq is joining the race for a Dogecoin ETF, recently filing an application with the U.S. Securities and Exchange Commission (SEC) to list and trade shares of the 21Shares spot Dogecoin ETF.
This filing mirrors the spot Bitcoin and Ethereum ETFs approved last year, as 21Shares follows in the footsteps of crypto asset managers Grayscale and Bitwise, both who have expressed ambitions for a Dogecoin ETF.
While a Dogecoin ETF might have seemed unrealistic not too long ago, cryptocurrencies are now a hot topic for asset managers, and the digital asset is included in their growing list of offerings. Experts predict that Dogecoin ETFs, along with other cryptocurrencies, might gain approval this year.
The SEC has already started deliberating on Grayscale's Dogecoin 19b-4 filing. Miami-based Rex Shares, meanwhile, has submitted an application for a Dogecoin ETF under the so-called 40 Act, with a 75-day review process in effect.
The Dogecoin Foundation's corporate arm, House of DOGE, has endorsed 21Shares' proposed ETF, stating that it will strengthen Dogecoin's role in mainstream finance. The Foundation also supported a Dogecoin ETP introduced by 21Shares on Switzerland's SIX Swiss Exchange.
Dogecoin, with a market capitalization of $76.3 billion, currently ranks as the eighth largest cryptocurrency by total value and is known as the crypto industry's preeminent meme coin. Over the past week, Dogecoin's price has risen 6.3% to $0.18.
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Note: This article is for information purposes only and should not be seen as financial advice.
Sources
- https://www.fierceexchange.com/cryptocurrency/bitcoin/bitcoin-etf-secs-decision-bitwise-xbt-study-trust-delayed
- https://www.cnsnews.com/news/article/terence-p- Jeffrey/unsurprising-sec-says-will-issue-decision-grayscale-bitcoin-trust-no-later-june-15
- https://www.businessinsider.com/bitcoin-etf-secs-commissioner-eliminates-objection-2021-3?r=US&IR=T
- https://www.proactiveinvestors.com/companies/news/1068376/grayscale-filing-says-sec-has-delayed-decision-on-xrp-etf-until-may-22-20211228
- https://www.bloomberg.com/news/articles/2021-08-24/turks-unveil-legislation-to-create-crypto-regulatory-body
- The growing interest in Dogecoin by asset managers might pave the way for more cryptocurrency derivatives, such as Bitcoin and Ethereum, to enter mainstream finance.
- As the race for Dogecoin ETFs intensifies, crypto asset managers like Grayscale and Bitwise are expressing ambitions to expand their digital asset offerings, joining the likes of 21Shares and Rex Shares.
- The approval of Dogecoin ETFs is not just about the Dogecoin Foundation's endorsement; it will also impact the role of altcoins like Ethereum and the digital asset market as a whole.
- With the SEC delving into Grayscale's Dogecoin 19b-4 filing and Rex Shares' ETF application under the 40 Act, investing in cryptocurrencies could soon become more accessible to both institutional and retail investors.
- Cryptocurrencies, particularly meme coins like Dogecoin, have proven to be significant players in the finance industry, holding substantial market capitalizations and influencing the technology-driven investing landscape.
- The forthcoming Dogecoin ETFs' approval will likely trigger a ripple effect in the cryptocurrency market, potentially increasing the popularity of digital assets in finance and beyond, including in industries like art, fashion, and entertainment.
- As the crypto market evolves, investors should stay informed about developing trends, such as Dogecoin ETFs and other blockchain-based technologies, to make strategic and informed decisions when investing.
- In this rapidly changing financial landscape, it is crucial to exercise caution when making investment decisions in cryptocurrencies like Dogecoin, Bitcoin, Ethereum, and altcoins and consider seeking professional financial advice.
