The %Nasdaq (NASDAQ: $NDAQ) stock exchange is seeking approval from the U.S. Securities and Exchange Commission (SEC) to list a new %Dogecoin (CRYPTO: $DOGE) exchange-traded fund (ETF).
The Dogecoin ETF is from asset manager 21Shares, which has partnered with the Dogecoin Foundation’s House of Doge to promote the new spot ETF.
The ETF aims to track the spot price of Dogecoin, adjusted for expenses and other liabilities. It is a passive investment vehicle that will hold Dogecoin digital tokens directly.
The ETF will not utilize leverage, derivatives, or any similar products to meet its investment objectives, according to the regulatory filing.
Coinbase Custody Trust will hold the fund’s tokens and serve as the official custodian for the new Dogecoin ETF.
Wile the SEC, Wall Street’s regulator, has been inundated with proposals for spot crypto ETFs, including several related to Dogecoin, it has yet to approve any beyond ones for %Bitcoin (CRYPTO: $BTC) and %Ethereum (CRYPTO: $ETH).
The SEC just delayed until June its decision on two separate proposals for spot ETFs that would track the price movements of XRP and Dogecoin, respectively.
Dogecoin is known as a “meme coin” and has no underlying value. Its creators acknowledge that they started the cryptocurrency as a joke.
The price of Dogecoin is currently at $0.17 U.S., having declined 46% this year.
