21Shares has launched the first Dogecoin-backed spot exchange-traded fund in the US, marking the first regulatory approval for a meme coin-based ETF product, according to the company’s announcement.
Summary
- 21Shares launched the first US spot Dogecoin ETF, developed in partnership with House of Doge, marking the SEC’s first approval of a meme coin-based ETF.
- The product gives institutional and retail investors direct exposure to Dogecoin through traditional investment accounts, without directly owning the token.
- The launch follows growing regulatory acceptance of crypto ETFs in the US, following previous spot approvals for Bitcoin and Ethereum.
The ETF was developed in collaboration with House of Doge, described as the token’s unofficial corporate entity. The launch marks the first instance of a Dogecoin investment vehicle to receive approval from the Securities and Exchange Commission for U.S. trading.
The development provides institutional investors with direct access to Dogecoin exposure through traditional investment accounts. ETF structures allow investors to gain exposure to cryptocurrency without directly purchasing and storing digital assets.
According to market data, Dogecoin has been trading within a certain price range in recent sessions. The cryptocurrency has reached support levels from which prices have recovered several times, while there is resistance at higher prices.
Market analysts have issued several price forecasts for Dogecoin following the launch of the ETF, with targets ranging from modest gains in the short term to a more substantial appreciation in the long term. Some observers have raised the possibility that the token will reach price parity with the US dollar in the coming years, although such projections remain speculative.
The cryptocurrency is supported by an active online community and has gained recognition beyond the digital asset markets. Dogecoin was originally created in 2013 as a satirical cryptocurrency, but has since developed into one of the largest digital assets by market capitalization.
ETF launches for cryptocurrency assets have historically attracted inflows of institutional capital, according to industry data. Bitcoin and Ethereum spot ETFs launched in previous periods generated significant trading volumes in their first weeks of operation.
The approval of a Dogecoin ETF follows a broader trend of regulatory acceptance of cryptocurrency investment products in the United States. The SEC has gradually expanded approval of spot cryptocurrency ETFs beyond Bitcoin, which received its first such approval in early 2024.
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