Dogecoin ETF Howls for Nasdaq Trading Approval
Published Date: 5/19/2025
Notice
Summary
Nasdaq wants to start trading shares of the 21Shares Dogecoin ETF, a fund tied to the popular Dogecoin cryptocurrency. This means investors can buy and sell Dogecoin-based shares on Nasdaq soon, making crypto investing easier and more official. The proposal was filed in April 2025 and is now open for public comments before it goes live.
Analyzed Economic Effects
6 provisions identified: 5 benefits, 1 costs, 0 mixed.
Dogecoin ETF Will Be Listed On Nasdaq
Nasdaq filed to list and trade shares of the 21Shares Dogecoin ETF under Nasdaq Rule 5711(d). The filing was made April 28, 2025 and the Trust's Registration Statement was filed April 9, 2025; the Shares will not trade until the Registration Statement is effective.
Surveillance Via ISG and Dogecoin Futures
Nasdaq notes it has comprehensive surveillance-sharing arrangements through the Intermarket Surveillance Group (ISG) and that Coinbase Derivatives offers Dogecoin futures; Nasdaq says access to Dogecoin futures surveillance information will assist in detecting and deterring misconduct in trading the Shares.
Daily NAV and 15-Second IIV Disclosure
The Trust's NAV per Share will be calculated once each exchange trading day based on the Pricing Benchmark as of 4:00 p.m. ET and released after 4:00 p.m. ET (often by 5:30 p.m. ET and almost always by 8:00 p.m. ET). The intraday indicative value (IIV) will be disseminated every 15 seconds during the Regular Market Session (9:30 a.m. to 4:00 p.m. ET).
Extended Trading Hours: 4:00 a.m.–8:00 p.m.
The Exchange will allow trading in the Shares from 4:00 a.m. to 8:00 p.m. ET, extending trading beyond the regular market session hours of 9:30 a.m. to 4:00 p.m. ET.
Trading Halts If IIV, Index, Or NAV Not Available
The Exchange may halt trading in the Shares under Nasdaq Rules 4120 and 4121, including if the IIV or Pricing Benchmark value is not being disseminated or if the NAV per Share is not available to all market participants; trading may also be halted if trading in the underlying Dogecoin is not occurring.
Trust Will Not Use Leverage, Derivatives, Or Staking
The Trust is a passive vehicle that will not use leverage, derivatives, or similar arrangements, and will not engage in activities to earn additional Dogecoin (for example, it will disclaim any fork or airdrop rights).
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