Another application for Dogecoin-ETF submitted

• Cryptom market last burdened by Donald Trump
• 21Shares wants to release Spot ETF for the Memecoin Dogecoin
• Crypto community hopes for a tailwind by friendly sec

In January 2024, the first Bitcoin Spot ETFs celebrated their stock exchange debut, and a few months later at the end of June, the trade of the first Ether Spot ETFs was also released by the US supervisory authority SEC. These steps gave investors in the United States easier access to the two cryptocurrencies after a long process, because to invest in such stock market -traded funds is a lower hurdle for many investors than buying digital money directly. This applies in particular to institutional investors such as insurance companies or pension funds, since these are already very familiar with ETFs. In addition, ETFs, which are managed by a regulated financial institution, offer a certain amount of security, which is particularly important for institutional investors with their strict regulations.

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Difficult times for crypto investors

But while the approval of such ETFs in 2024 had caused enthusiasm in the crypto community, crypto investors have had a hard time in the past few weeks. On the one hand, Donald Trump, with the first details on the planned US reserve for digital currencies, disappointed the hopes of many investors, on the other hand, the US President donates chaos and confusion with his erratic customs announcements, which means that investors with a broad front from risky assets – including Bitcoin and other cryptocurrencies.

Another application submitted for Dogecoin-ETF

Despite all the difficulties, however, asset managers remain hopeful. After Grayscale and Bitwise pretended in February and March, the billion-resistant financial administrator 21Shares, based in Switzerland, has now submitted an application for a Dogecoin-Spot ETF. Details, such as which stock exchange of the ETF, or how high the fees are, have not yet been mentioned, but it was announced that Coinbase – as with many other crypto ETFs in the USA – should be the token.

The 240-day testist expires in October 2025 for the application initially submitted by Grayscale, then crypto fans hope for a decision. However, this can also be moved. So it should not be forgotten that years went into the country until Bitcoin and Ethereum-Spot-ETFs were approved. However, since the government under US President Donald Trump has caused a change in culture and at the top of the SEC, the chances for faster approval are not bad.

If this occurs, investors hope for significant funds in the dog coin, especially on the part of institutional investors. It would then be the first Memecoin to receive regulated access to institutional and private investors. Such fun coins usually have no real benefits – this is in their nature as a parody of established cryptocurrencies – but Doge forms an exception in this regard. It is actually accepted as a means of payment by some companies. The Dogecoin gained awareness in particular by Tesla CEO Elon Muskwho, as a fan, supported the fun cryptocurrency over the years with various posts and even declared himself a “Dogefather” in April 2021.

ETF applications for further cryptocurrencies

In addition, ETF applications are also in the works for numerous other cyberdevisen. Several applications for ETFs are based on cryptocurrencies such as XRP, Litecoin, Cardano, Polkadot and Solana. If they are approved, this could have a positive effect on the last battered cryptoma market.

Editor finance.net

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