Swiss-based 21shares, a $7 billion crypto exchange-traded fund (ETF) management firm, filed for a spot dogecoin ETF with the U.S. Securities and Exchange Commission (SEC) on Wednesday.

(21Shares’ official spot dogecoin ETF filing with the SEC / sec.gov)

The firm also announced a collaboration with the Dogecoin Foundation’s corporate arm, the House of Doge, on the same day, according to a press release published by the company. The House of Doge describes its mission as advancing “the mainstream adoption of dogecoin” and recently filed to become a publicly traded company.

Grayscale and Bitwise, competitors to 21shares, already submitted spot dogecoin ETF filings to the SEC in February and March, respectively, but the Swiss manager may have a leg up on the competition given its exclusive partnership with the House of Doge and an official endorsement from the foundation.

“By partnering with the House of Doge, we are taking a pivotal step in bringing transparent and institutional-grade investment options to the market,” said 21shares President Duncan Moir.

U.S. President Donald Trump’s administration has caused a stark change in culture at the SEC, encouraging a shift from regulation by enforcement to providing regulatory clarity. The SEC’s Division of Corporate Finance recently issued a “Staff Statement on Meme Coins” that basically says such assets are not securities.

From that perspective, dogecoin, widely regarded as crypto’s first memecoin, has a decent chance of having its first U.S. spot ETF approved, although other factors, such as liquidity and likelihood of market manipulation, are also considered during the SEC’s approval process.

“Dogecoin was created to be a fun, accessible form of peer-to-peer money,” explained Jens Wiechers, advisory board member at the House of Doge and co-executive director at the Dogecoin Foundation. “This initiative with 21shares provides a regulated path for institutions to participate in and amplify the ‘Dogecoin is Money’ vision, while still honoring the community’s spirit.”

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