Dogecoin (DOGE) Spot ETF Timing: SEC Delays Decision

• Grayscale, Bitwise, and now 21Shares have filed to launch spot DOGE ETFs.
• SEC reviews and approval periods can be extended up to 240 days.
• The SEC has paused several other altcoin ETF applications.

Altcoin exchange-traded fund (ETF) applications have hit a wall as the U.S. Securities and Exchange Commission (SEC) puts Dogecoin (DOGE) and other proposals on hold as the regulator seeks clarity from fund issuers.

It follows news that the SEC has reportedly requested spot Solana (SOL) ETF issuers to update their language around staking, which may have implications for other ETF hopefuls.

Inconclusive

As per a June 12, 2025 filing from the SEC, the regulator has delayed its decision on the Bitwise Dogecoin ETF application less than a month after putting the Grayscale Dogecoin Trust application on ice.

Following Trump’s election victory and pro-crypto agenda, fund issuers have been eager to launch altcoin ETFs of varying shape and size. The SEC also put the VanEck Avalanche ETF and Grayscale Hedera Trust on hold.

But it would seem that the SEC has some work to do in laying the groundwork for its renewed pro-crypto approach. This may include waiting for the CLARITY Act and other crypto legislation to be written into law.

Seemingly, the 21Shares application remains in rotation, having filed an amended S-1 form at the end of May.

21Shares Files

Confidence in a spot DOGE ETF is mounting as 21Shares becomes the latest asset manager to file an S-1 form with the SEC to see it launch a DOGE ETF, with Coinbase Custody being the proposed custodian.

The S-1 registration marks a significant step forward as it is a detailed and comprehensive overview of the proposed ETF.

The approval process can last weeks to several months as it may need to undergo rounds of reviews and adjustments.

That said, the S-1 is just half the work required to begin the process officially.

21Shares must follow this with the 19b-4 form, which would officially start the clock on the SEC’s approval process.

Interestingly, 21Shares notes in the filing that it had partnered with the House of Doge, the Dogecoin Foundation’s corporate arm.

As per the filing, it will “provide certain services” and support the trust, writing:

“The Service Provider provides launch, listing, marketing, intellectual property, and, as needed, operational support to the Trust.”

This will also see it launch a DOGE exchange-traded product (ETP) on Switzerland’s SIX Swiss Exchange.

Dogecoin (DOGE) ETFs?

Now that Donald Trump has taken the White House with a pro-crypto Republican majority throughout the government, fund issuers are making ambitious strides in hopes that a change of guard at the SEC could pave the way for a spot DOGE ETF.

With a market cap of $23.24 billion at the time of writing, DOGE ranks 8th amongst the top cryptocurrencies in the world.

It’s considered the original memecoin or the token that popularized the category.

Created in 2013, DOGE bumbled along as an innocuous crypto creation from two software engineers with an amazing community behind it.

Then, in December 2020, Elon Musk’s “One Word: Doge ” post sent the token’s less than $2,000 trading volume into the stratosphere, launching DOGE into the mainstream.

Further posts from Musk, celebrities, and notable figures would continue to boost its popularity.

Somehow, DOGE has captured the hearts and minds of crypto to become one of the most recognizable brands, if you can call it that.

Beloved by all, it would appear that big money is eager to get in on the action as Bitwise Asset Management becomes the second to register for a spot DOGE ETF.

SEC Deadlines

Though the SEC aims to respond to S-1 registrations within 4 weeks, the review period can extend to 240 days.

As seen with Bitcoin and Ethereum ETFs, regulators and applicants will argue as they tweak the offering to meet the SEC’s standards.

Under regulatory requirements, the SEC has 45 days from the date it receives Bitwise’s pending 19b-4 filing to respond to initial registration requests.

Exchanges have yet to submit this form.

This follows Bitwise’s registration with the state of Delaware, which sought permission to send its official DOGE ETF proposal to the SEC.

In short, the move allowed Bitwise to create a legal entity to manage the pending ETF.

Similarly, the first DOGE ETF registration filed on Jan. 21, 2025, from Osprey Funds and REX Shares, is also pending review.

Finally, applications for Ripple (XRP), Litecoin (LTC), and Solana (SOL) spot ETFs are pending decisions from the SEC. The first round of responses will be announced next week or so.

Launch Conditions

Regardless of how pro-crypto the new SEC is, it still has a fiduciary responsibility and won’t simply approve crypto ETFs on a whim.

There are a couple of very important points to consider when considering whether a spot DOGE ETF could or should be approved.

Firstly, an asset typically needs to be traded as a futures-based product for at least 18 to 24 months on U.S. stock exchanges.

Presently, there is just one DOGE exchange-traded product (ETP) from the Nordic fund issuer, Valour. It’s the first of its kind and launched on Sweden’s Spotlight Stock Market in November 2024.

Furthermore, some may argue that there could be a conflict of risk as Dogecoin proponent Elon Musk heads up the government’s Department for Government Efficiency (DOGE).

In the past, Musk’s actions online and in the real world have dragged DOGE through highs and lows, which could be detrimental to the long-term prospects of an institutional DOGE product.

At present, XRP and LTC are probably the best candidates to become the next spot crypto ETF. If either struggles to launch as an ETF, then the chances of a DOGE ETF may simply be a pipedream.

Initial Filings

21Shares

On April 9, 21Shares filed an S-1 registration statement with the SEC for a spot Dogecoin ETF. It is yet to submit the 19b-4 form.

The filing names Coinbase Custody as the fund’s custodian and taps the House of Doge, which will provide additional support for the trust.

Grayscale

Grayscale launched a Dogecoin Trust in January 2025 and has since filed to have it converted into a spot Dogecoin ETF, similar to how it converted its Bitcoin trust into a spot BTC ETF.

The SEC formally acknowledged Grayscale’s 19b-4 filing in February 2025, initiating the SEC’s review process, which can last up to 240 days. At the latest, a final decision can be expected in October this year.

Bitwise

Bitwise has submitted S-1 and 19b-4 forms with the SEC to create the Bitwise Dogecoin ETF.

As per the form, the proposed ETF will hold DOGE as its main asset and leverage the CF Dogecoin-Dollar Settlement Price to pin the fund’s Net Asset Value (NAV).

In addition, the filing names Coinbase Custody as the fund’s official custodian, with the Bank of New York Mellon listed to manage cash, record-keeping, and administration duties.

On May 28, 2025, 21Shares submitted an amended S-1 form to the SEC.