A new player is joining the US market, bringing the total number of crypto-focused asset managers vying for approval of their DOGE ETFs to three.
Dogecoin ETF Race Heats Up with 21Shares Entry
The U.S. market is set to welcome a new player in the dogecoin (DOGE) exchange-traded fund (ETF) space, as Switzerland-based crypto asset manager 21Shares has filed for regulatory approval.
A Dogecoin exchange-traded fund (ETF) is a financial product that allows investors to gain exposure to the price movements of 'a popular cryptocurrency.'
Dogecoin ETFs are typically listed on major stock exchanges and trade like traditional stocks.
They provide a convenient way for investors to buy and sell Dogecoin without directly holding the coins.
As with any investment, it's essential to research and understand the fees, risks, and underlying mechanics of a Dogecoin ETF before investing.
Partnerships and Promotion
21Shares has partnered with the House of Doge, the corporate arm of the Dogecoin Foundation, to help promote its proposed spot DOGE ETF. This collaboration aims to increase awareness and visibility for the fund among investors.
The management fee for the fund is yet to be announced, along with which stock exchange it will list on. Once approved, the exchange must file a 19b-4 document with the Securities and Exchange Commission (SEC) to make the submission official and tie the regulator to a decision deadline.
A New Player in the Market
The entry of 21Shares into the U.S. market brings the total number of crypto-focused asset managers vying for approval of their DOGE ETFs to three, following Grayscale and Bitwise.
DOGE has evolved from its origins as a joke into a legitimate cryptocurrency, with a current market capitalization of $23 billion, making it the 9th largest cryptocurrency by market cap. Its popularity has been further boosted by ‘Elon Musk‘s involvement,’ with the government even naming an initiative after the cryptocurrency, the Department of Government Efficiency (DOGE).
- coindesk.com | Dogecoin ETF Race Joined by 21Shares
