Nasdaq Files for 21Shares Dogecoin ETF, What Next?

Nasdaq recently filed a formal filing with the U.S. Securities and Exchange Commission (SEC) to list and trade the 21Shares Dogecoin Exchange Traded Fund (ETF). This application officially starts the SEC’s review process. If approved, Dogecoin (DOGE), the largest memecoin by market value, is set to become more valuable in traditional finance. Nasdaq Submits S-1 Form to the SEC Nasdaq’s S-1 form filing submitted to the SEC for the 21Shares Dogecoin ETF is a big first step in the approval process. The SEC will now review and publish the application in the Federal Register. After that, the public will have a chance to share their opinions. Once that is done, the SEC will decide whether to approve or deny the ETF. This move follows a separate 19b-4 form that asset manager 21Shares filed earlier in April. The form showed the company’s interest in offering an ETF allowing institutional investors to buy into Dogecoin without holding the token directly. What This Means for Dogecoin If the ETF is approved, institutional investors like pension funds, hedge funds, and even financial banks could quickly start buying Dogecoin. This could bring more fresh funds into the digital asset and make it more popular in traditional markets. According to CoinMarketCap data, Dogecoin is trading at $0.178388, down 0.46% in the past 24 hours. The 21Shares Dogecoin ETF approval could lead to more interest, bringing in fresh funds and possibly pushing the market price of DOGE even higher. This initiative hints at a growing confidence in the memecoin market. Like 21Shares, other big companies, including Bitwise and Grayscale, have also submitted filings for a Dogecoin ETF. This shows major financial firms’ growing interest in the memecoin market. Meanwhile, popular asset manager Canary Capital said it is not interested in joining the bandwagon. In February, a report from Steven McClurg, Canary Capital CEO, highlighted that Dogecoin lacks utility in the broader crypto industry and has an unlimited supply. McClurg revealed these two factors discourage Canary Capital from considering launching an ETF. Many Anticipate SEC’s Decision As announced, the SEC will review the application over the coming weeks. The regulatory agency will publish the application, collect public comments, and make a final decision. Notably, if demand for Dogecoin keeps growing in the crypto market, more companies could submit more ETF filings. The crypto community is waiting to see what the SEC decides. A green light from the regulator could help Dogecoin become more widely accepted in the world of investment. The post Nasdaq Files for 21Shares Dogecoin ETF, What Next? appeared first on TheCoinrise.com .

Source: The Coin Rise