Asset manager 21Shares has launched the first Dogecoin-backed spot exchange-traded fund (ETF) in the United States, marking the first regulatory approval of a meme coin–based ETF product, according to the company’s announcement.
The ETF was developed in collaboration with House of Doge, described as Dogecoin’s unofficial corporate entity. The launch represents the first time a Dogecoin investment vehicle has received approval from the U.S. Securities and Exchange Commission for public trading.
The product provides both institutional and retail investors with direct exposure to Dogecoin through traditional brokerage accounts, eliminating the need to purchase, custody, or manage the cryptocurrency directly. As a spot ETF, the fund is backed by actual DOGE holdings rather than derivatives.
The approval follows a broader expansion of regulated crypto investment products in the U.S., after the SEC previously approved spot Bitcoin ETFs in early 2024 and Ethereum spot ETFs later that year. Market participants have viewed these decisions as a shift toward wider regulatory acceptance of digital asset exposure through established financial structures.
Dogecoin has traded within a defined range in recent sessions, according to market data, repeatedly rebounding from established support levels while encountering resistance at higher prices. Analysts have issued mixed projections following the ETF’s launch, ranging from modest short-term gains to more aggressive long-term targets. Some commentary has suggested the possibility of Dogecoin reaching price parity with the U.S. dollar over time, though such forecasts remain speculative.
Originally launched in 2013 as a satirical cryptocurrency, Dogecoin has evolved into one of the largest digital assets by market capitalization, supported by a highly active online community and growing recognition beyond crypto-native circles.
Historically, spot cryptocurrency ETF launches have attracted significant institutional inflows. Bitcoin and Ethereum ETFs generated strong early trading volumes following their approvals, reinforcing expectations that regulated access can broaden investor participation.
The Dogecoin ETF approval highlights the SEC’s gradual expansion of permissible crypto investment products, extending beyond major layer-one networks into alternative digital assets as market infrastructure and compliance standards continue to mature.
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