Nasdaq wants to trade Dogecoin ETF
The Nasdaq exchange submitted a 19b-4 form to the Securities and Exchange Commission (SEC), permitting the listing of Dogecoin ETF.
Quick overview
- The Nasdaq has submitted a 19b-4 form to the SEC for the listing of a Dogecoin ETF, in collaboration with 21Shares and the House of Doge.
- The ETF aims to passively track Dogecoin's performance without using leverage or derivatives, directly holding DOGE tokens.
- Coinbase Custody Trust will serve as the official custodian for the ETF's tokens, ensuring their safekeeping.
- The SEC's decision on the ETF is pending, with concerns about market manipulation and Dogecoin's volatility influencing their cautious approach.
Live DOGE/USD Chart
The Nasdaq exchange submitted a 19b-4 form to the Securities and Exchange Commission (SEC), permitting the listing of Dogecoin ETF.
Asset management 21Shares and the House of Doge, the corporate arm of the Dogecoin Foundation, jointly filed an S-1 registration with the SEC on April 10.
The ETF aims to mimic Dogecoin’s performance as measured by the CF DOGE-Dollar US Settlement Price Index.
It is a passive investment vehicle that will directly hold DOGE. The filing states that the Trust will not accomplish its investing objective through leverage, derivatives, or similar arrangements.
Coinbase Custody Trust will act as the ETF’s official custodian and keep the fund’s tokens.
The submission coincides with the SEC delaying its decision on Bitwise’s application for a spot DOGE ETF until June 15.
Even if the concept of a Dogecoin ETF is intriguing, the SEC’s screening procedure must still be completed. Numerous applications for crypto ETFs have previously been denied or delayed by the US regulator, which is renowned for taking a cautious stance toward cryptocurrency. Bitwise’s application for another Dogecoin ETF was postponed until June 15.
The SEC might be worried about market manipulation concerns, Dogecoin’s volatility, or its lack of specific use cases when compared to cryptocurrencies like Ethereum. Nonetheless, the ETF’s open structure and Nasdaq’s support can be advantageous.
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