The race to launch a spot Dogecoin (DOGE) exchange-traded fund (ETF) in the United States has hit a regulatory pause, as the U.S. Securities and Exchange Commission (SEC) delays its decision on multiple applications. With growing interest from major asset managers like Grayscale, Bitwise, and 21Shares, expectations for a DOGE ETF have surged—yet the path to approval remains uncertain.
Despite heightened optimism following shifts in political leadership and a more crypto-friendly administration, the SEC is taking a cautious approach. Regulatory scrutiny, legislative uncertainty, and market structure concerns are contributing to extended review timelines—potentially stretching up to 240 days.
Why the SEC Is Holding Back on DOGE ETFs
The SEC has recently delayed decisions on several altcoin-based ETF proposals, including those for Dogecoin, Solana (SOL), and Avalanche (AVAX). According to a June 12, 2025 filing, the commission has postponed its verdict on Bitwise’s spot DOGE ETF application, shortly after placing Grayscale’s similar proposal on hold.
These delays suggest that the SEC is not rushing into approving new crypto ETFs—even under a potentially more favorable regulatory climate. One key reason? The need for clearer regulatory frameworks. Lawmakers are still debating critical legislation like the CLARITY Act, which aims to define digital asset classifications and oversight responsibilities. Until such laws are enacted, the SEC may continue to err on the side of caution.
Additionally, the SEC has reportedly asked Solana ETF applicants to revise their filings regarding staking disclosures—a move that could set a precedent for how proof-of-stake and community-driven tokens like DOGE are evaluated. This signals that even seemingly minor technical details can significantly impact approval timelines.
Current DOGE ETF Applications: Who’s in the Running?
Three major asset managers have emerged as front-runners in the bid to launch the first spot Dogecoin ETF:
1. 21Shares
On April 9, 21Shares filed an S-1 registration statement with the SEC, marking a major milestone in its DOGE ETF journey. The filing designates Coinbase Custody as the custodian and reveals a strategic partnership with House of Doge, the corporate arm of the Dogecoin Foundation.
As stated in the filing:
“The Service Provider provides launch, listing, marketing, intellectual property, and, as needed, operational support to the Trust.”
This collaboration underscores 21Shares’ intent to build institutional credibility while leveraging DOGE’s strong community appeal. An amended S-1 was submitted on May 28, 2025, refining disclosures but stopping short of filing the required 19b-4 form, which officially triggers the SEC review clock.
2. Grayscale
Grayscale launched its Dogecoin Trust in January 2025 and quickly moved to convert it into a spot ETF—a strategy that succeeded with its Bitcoin offering. The SEC formally acknowledged Grayscale’s 19b-4 filing in February 2025, beginning the review process.
With a maximum review window of 240 days, a final decision could come as late as October 2025. Given Grayscale’s track record and legal victories over the SEC in prior cases, many analysts view this as one of the strongest contenders.
3. Bitwise
Bitwise has taken the most advanced procedural step by submitting both the S-1 and 19b-4 forms. Its proposed ETF would hold DOGE directly and use the CF Dogecoin-Dollar Settlement Price to determine net asset value (NAV). Like others, it relies on Coinbase Custody for security and BNY Mellon for administrative services.
While Bitwise appears ahead in paperwork, the SEC’s broader hesitation means no application is close to immediate approval.
What It Takes for a DOGE ETF to Be Approved
Even with strong political tailwinds—including a pro-crypto administration—the SEC must fulfill its fiduciary duty to protect investors. Approval isn’t guaranteed, even if sentiment shifts.
Key requirements include:
- Market Maturity: Assets typically need at least 18–24 months of futures trading history on regulated U.S. exchanges. Currently, DOGE lacks a robust futures market.
- Custody & Security: The SEC demands proven custody solutions. The repeated naming of Coinbase Custody across filings helps address this concern.
- Price Transparency & Resistance to Manipulation: The use of benchmark prices like CF’s index helps demonstrate pricing integrity.
- Regulatory Clarity: Without clear laws like the CLARITY Act, the SEC may avoid setting risky precedents.
There is also one unique risk factor: Elon Musk’s influence. As a vocal DOGE supporter—and now leading the Department of Government Efficiency (also acronymed DOGE)—his public statements have historically caused wild price swings. This concentration of influence raises concerns about market stability and fairness for ETF investors.
Broader Context: The Altcoin ETF Landscape
DOGE isn’t alone in seeking ETF status. Applications for spot ETFs tied to Ripple (XRP), Litecoin (LTC), and Solana (SOL) are also pending. Many experts believe XRP or LTC are more likely to be approved first due to longer track records and existing futures markets.
If these assets face rejection or prolonged delays, the chances for a DOGE ETF diminish significantly. The SEC tends to move incrementally—approving well-established assets before embracing more speculative or meme-driven tokens.
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FAQ: Your Questions About the DOGE ETF Answered
Q: When will the SEC decide on the Dogecoin ETF?
A: There’s no fixed date. Review periods can last up to 240 days from the 19b-4 filing. For Grayscale, a decision could come by October 2025. Others may take longer depending on when they file.
Q: Why doesn’t Dogecoin have a futures market yet?
A: Futures require sustained institutional demand and exchange infrastructure. While CME offers Bitcoin and Ethereum futures, smaller-cap assets like DOGE haven’t met volume or liquidity thresholds.
Q: Can I invest in a DOGE ETP now?
A: Yes—but not in the U.S. Valour launched a DOGE ETP on Sweden’s Spotlight Stock Market in November 2024. 21Shares also plans to list a DOGE ETP on Switzerland’s SIX Swiss Exchange.
Q: Is Dogecoin considered a security by the SEC?
A: The SEC hasn’t officially classified DOGE as a security. However, its stance on other altcoins suggests it evaluates each case based on factors like centralization, marketing, and investor expectations.
Q: How does a spot ETF differ from a futures-based ETF?
A: A spot ETF holds the actual asset (e.g., real DOGE), while a futures ETF tracks derivative contracts. Spot ETFs are preferred because they reflect real-time market value more accurately.
Q: Will Trump’s pro-crypto stance speed up approval?
A: It may help create a more favorable environment, but the SEC operates independently. Political pressure alone won’t force approvals without regulatory justification.
Final Outlook: Hopeful, But Not Imminent
While momentum is building for a spot Dogecoin ETF, reality checks remain. Regulatory hurdles, structural gaps in market infrastructure, and lingering questions about governance all stand in the way.
That said, every filing brings DOGE closer to legitimacy. With major players like Grayscale and Bitwise pushing forward—and community enthusiasm stronger than ever—the dream of a DOGE ETF remains alive.
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The next few months will be critical. Watch for updates on the CLARITY Act, new SEC guidance, and whether any issuer finally submits a complete 19b-4 filing. Until then, patience is key—for investors, issuers, and regulators alike.
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