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Asset manager 21Shares has filed an amendment for its Dogecoin ETFs, which it filed last month. This development comes just weeks after the US Securities and Exchange Commission (SEC) acknowledged the filing, which kickstarted the review process.
21Shares Files Amended Dogecoin ETF Application
A SEC filing shows that 21Shares has amended its application to offer a Dogecoin ETF. The asset manager had initially filed the S-1 form for this fund on April 9, a move that showed its intention to offer institutional investors direct exposure to the top meme coin. Meanwhile, Nasdaq had filed the 19b-4 form to list and trade shares of this ETF, which officially began the approval process.
In an X post, Bloomberg analyst Eric Balchunas noted that the amended filing makes things more interesting, as these amendments typically follow comments made by the SEC. As such, it suggests that the Commission is in communication with the asset manager, a development which provides optimism about an approval at some point.
It is worth mentioning that the SEC recently delayed its decision on Grayscale’s Dogecoin ETF application while seeking more comments and rebuttals on the filing. The next deadline for the Commission to decide on this application is August 19. The fourth and final deadline is on October 18.
Bitwise has also filed to offer a Dogecoin ETF, but the SEC delayed its decision on this filing following the first deadline, which came up on the first of this month. The next deadline for this filing is June 15, when the Commission is also likely to delay the application.
The third and fourth deadlines are on September 13 and November 12, respectively. Bloomberg analyst James Seyffart predicts that approval is unlikely to come until the early part of the fourth quarter.
Odds Of An Approval This Year
Polymarket data shows that there is a 69% chance of the SEC approving a Dogecoin ETF by December 31. Meanwhile, there is only a 15% chance that an approval will come by July 31. Bloomberg analysts Seyffart and Balchunas have also weighed in on the odds of an approval for a DOGE ETF this year.
Balchunas shared a chart that showed there is an 80% chance that a Dogecoin ETF could be approved this year. They reached these odds based on the assumption that the SEC views DOGE as a commodity, as well as the fact that there is a regulated futures market for the meme coin. A futures market increases the chances of an approval since the court ruled in the Grayscale case that the spot and futures markets are similar.
Source: Chart from Polymarket
At the time of writing, the Dogecoin price is trading at around $0.20, down over 9% in the last 24 hours, according to data from CoinMarketCap.
DOGE trading at $0.20 on the 1D chart | Source: DOGEUSDT on Tradingview.com
Featured image from Getty Images, chart from Tradingview.com
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