Nasdaq has applied to the U.S. Securities and Exchange Commission for a rule change that would allow the exchange to list shares of a 21Shares exchange-traded fund based on the price of Dogecoin, according to a filing Tuesday. 

The 21Shares Dogecoin ETF would track the popular meme coin’s price, mirroring spot Bitcoin and Ethereum ETFs that gained approval last year, according to the 19b-4 document.

21Shares followed crypto asset managers Grayscale and Bitwise as Dogecoin ETF hopefuls, filing an S-1 registration statement earlier this month. Bitwise moved to establish a Dogecoin ETF in late January, days before Grayscale unveiled similar ambitions. 19b-4 filings are generally required by the SEC but do not guarantee approval. 

Not too long ago, a Dogecoin ETF–and funds tracking other altcoins–might have seemed far-fetched, but the digital asset is among several cryptocurrencies that asset managers are now racing to offer products for. There’s a solid chance that Dogecoin ETFs are approved this year, among other coins, analysts say.

The SEC has already started its deliberations on the Grayscale 19b-4 filing. The SEC acknowledged the application  submitted by NYSE Arca on behalf of the crypto asset manager in February, setting a 240-day maximum window into motion after it was posted to the Federal Registrar.

21Shares, Bitwise, and Grayscale all seek to offer Dogecoin ETFs as commodity-based trusts, however, another Dogecoin ETF may be approved first. Miami-based Rex Shares submitted an application for a Dogecoin ETF under the so-called 40 Act, which is subject to a 75-day review process. The law pertains to funds that combine assets with derivatives.

The Dogecoin Foundation’s corporate arm, House of DOGE, blessed 21Shares proposed ETF, saying the fund would bolster the meme coin’s “role in mainstream finance.” House of DOGE also backed a Dogecoin ETP introduced by 21Shares on Switzerland’s SIX Swiss Exchange.

With a market capitalization of $76.3 billion, Dogecoin is the eighth largest cryptocurrency by total value and the crypto industry’s preeminent meme coin, according to crypto data provider CoinGecko. Over the past week, Dogecoin’s price has risen 6.3% to $0.18.

Edited by James Rubin

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