21Shares Amends S-1 for Spot Dogecoin ETF Amid Approval Uncertainty

21Shares has taken decisive action to advance the launch of its spot Dogecoin (DOGE) Exchange-Traded Fund (ETF) by filing an amended S-1 form with the U.S. Securities and Exchange Commission (SEC). The proposed ETF, set to debut on Nasdaq under the ticker symbol “TDOG,” has encountered delays due to the ongoing U.S. government shutdown, causing bottlenecks in administrative operations and pushing back approval timelines.

Key Details of the Spot Dogecoin ETF

21Shares’ amended filing provides critical updates as the company prepares for the Dogecoin ETF’s Nasdaq listing. Official confirmation of the fund’s ticker symbol, TDOG, was announced, and it was revealed that the ETF will track the CF Dogecoin-Dollar U.S. Settlement Index, which closely reflects Dogecoin’s real-time price movements. While specific expense details remain undisclosed, it has been clarified that management fees will accrue daily and be paid biweekly in Dogecoin itself. Additional operational and financial terms are expected to be disclosed in due course.

Handling the fund’s custody will be Coinbase Custody Trust, widely recognized for its robust security measures in managing crypto assets. As the seed investor, 21Shares US LLC will contribute $1.5 million worth of Dogecoin—equivalent to approximately 21 billion Korean won—both before and after the ETF is officially listed on the exchange. Wilmington Trust will act as the fund trustee, marketing responsibilities lie with Foreside Global Services, and Cohen & Company will oversee accounting functions.

99% Approval Likelihood Backed by Analysts

In a significant development, Bloomberg analysts have boosted their projection for approval of the Dogecoin ETF to an impressive 99%, crediting 21Shares’ updated filing as a pivotal factor in this estimation. Achieving registration with the Depository Trust & Clearing Corporation (DTCC), a critical step in the ETF’s listing process, further solidifies the proposal's viability and strengthens market optimism.

The delays in approval have primarily been tied to the SEC, which recently missed the October 18 deadline to decide on Grayscale’s Dogecoin ETF application, citing disruptions caused by the government shutdown. Despite these administrative hurdles, experts such as ETF specialists Nate Geraci and Eric Balchunas argue that once operations resume, the SEC could approve several pending applications in a coordinated wave. Such an event raises speculation that Dogecoin ETFs may be greenlit collectively, bringing renewed momentum to the cryptocurrency sector.

Rising Market Sentiment and Dogecoin Price Surge

The anticipation surrounding spot Dogecoin ETFs, marked by heightened optimism in the crypto market, has already impacted Dogecoin’s price positively. Within a 24-hour period, the cryptocurrency surged by 6%, reclaiming the crucial $0.20 level after a strong rebound from a key channel support line. This price behavior has sparked further bullish forecasts from analysts like Ali Martinez, who has identified short-term targets of $0.29 while outlining potential mid-term growth trajectories to $0.45 and $0.86.

The improved investor sentiment is reinforced by reports detailing proactive engagement between executives from leading blockchain firms—Ripple, Coinbase, Chainlink, Galaxy Digital, Kraken, Uniswap, and Circle—with pro-crypto lawmakers within the Democratic Party. These roundtable discussions signal growing alignment between the digital asset ecosystem and legislative bodies, further bolstering optimism for regulatory breakthroughs in the crypto space.

Why the Spot Dogecoin ETF Matters

The prospect of a spot Dogecoin ETF has generated considerable enthusiasm among market participants, serving as a milestone for the broader recognition and integration of cryptocurrencies into traditional financial markets. Unlike futures-based ETFs, which only track the future price movements of assets, a spot ETF is directly backed by the cryptocurrency itself, offering investors tangible exposure to Dogecoin’s underlying value without the need to own or manage the asset directly.

The expected approval of a spot Dogecoin ETF is poised to create ripple effects for the market, attracting institutional investors, increasing liquidity, and promoting the accessibility of Dogecoin as a mainstream investment vehicle. Such developments could further propel Dogecoin’s status and solidify its standing as one of the most recognizable assets in the digital currency landscape.

Conclusion

As market participants await regulatory clarity amid the U.S. government shutdown, 21Shares remains steadfast in its commitment to launching the spot Dogecoin ETF on Nasdaq under the ticker symbol TDOG. Bolstered by Bloomberg analysts’ elevated approval odds and growing optimism among crypto investors, Dogecoin’s recent price resurgence highlights the market’s anticipation for this groundbreaking financial product. With its potential to broaden access to cryptocurrency investment, the spot Dogecoin ETF signifies an important step forward in bridging the gap between traditional finance and the rapidly evolving crypto industry.