Wall Road May Quickly Commerce Dogecoin as Nasdaq Submits ETF Utility

[ad_1] Dogecoin, the meme-inspired cryptocurrency that started as a joke, might quickly discover itself listed on Wall Road. Nasdaq has submitted a formal request to the U.S. Securities and Change Fee (SEC) to record an exchange-traded fund holding Dogecoin.

Regulatory Approval in Progress

The appliance follows 21Shares’ submitting on April 10 to create a Dogecoin ETF. Nasdaq’s involvement provides momentum to the proposal, however SEC approval stays a key hurdle.

The fund can't start buying and selling till the regulator indicators off, and that course of may take months. The SEC is presently reviewing greater than 70 crypto ETF filings, together with related requests for altcoins like Solana and Sui, Cointelegraph reported.

This ETF surge comes after President Trump’s new administration urged regulators to take a extra crypto-friendly stance. Fund managers like Bitwise and Grayscale have additionally submitted competing purposes as they race to seize demand for altcoin funding merchandise.

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SEC is presently reviewing a number of filings associated to the potential itemizing of Dogecoin-based exchange-traded funds (ETFs). Final month, NYSE Arca sought approval to record Bitwise’s Dogecoin ETF, with Coinbase Custody managing the Dogecoin holdings and Financial institution of New York Mellon overseeing the money asset.

JUST IN: Bitwise has filed for a spot Dogecoin $DOGE ETF.63% likelihood it is accepted this yr. pic.twitter.com/xSv1n5MR1q

— Polymarket (@Polymarket) March 3, 2025 Nasdaq Pushes for Constant Oversight

Whereas backing new crypto ETFs, Nasdaq can be calling for stricter and extra uniform regulation. In an April 25 letter to the SEC, the change argued that digital belongings resembling securities ought to be held to the similar requirements.

In contrast to many different meme cash, Dogecoin operates by itself blockchain and makes use of a proof-of-work mechanism. This makes it functionally just like Bitcoin however cheaper and quicker for small transactions. At present, Dogecoin has a market cap of almost $26 billion and traded at $0.1773 on the time of publication.

The Street Forward

Whether or not or not the SEC approves 21Shares’ Dogecoin ETF, the rising curiosity in altcoin-backed funds suggests a broader shift in how conventional finance engages with crypto.

If accepted, Dogecoin may be part of the rising record of digital belongings accessible through regulated funding automobiles, bringing the meme token a step nearer to mainstream portfolios.