Wall Street Could Soon Trade Dogecoin as Nasdaq Submits ETF Application

Dogecoin, the meme-inspired cryptocurrency that began
as a joke, may soon find itself listed on Wall Street. Nasdaq has submitted a
formal request to the U.S. Securities and Exchange Commission (SEC) to list an
exchange-traded fund holding Dogecoin.

Regulatory Approval in Progress

The application follows 21Shares’ filing on April 10
to create a Dogecoin ETF. Nasdaq’s involvement adds momentum to the proposal,
but SEC approval remains a key hurdle.

The fund cannot begin trading until the regulator
signs off, and that process could take months. The SEC is currently reviewing
more than 70 crypto ETF filings, including similar requests for altcoins like
Solana and Sui, Cointelegraph reported.

This ETF surge comes after President Trump’s new
administration urged regulators to take a more crypto-friendly stance. Fund
managers like Bitwise and Grayscale have also submitted competing applications
as they race to capture demand for altcoin investment products.

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SEC is currently reviewing multiple filings related to the
potential listing of Dogecoin-based exchange-traded funds (ETFs). Last month, NYSE
Arca sought approval to list Bitwise’s Dogecoin ETF, with
Coinbase Custody managing the Dogecoin holdings and Bank of New York Mellon
overseeing the cash asset.

JUST IN: Bitwise has filed for a spot Dogecoin $DOGE ETF.63% chance it’s approved this year. pic.twitter.com/xSv1n5MR1q

— Polymarket (@Polymarket) March 3, 2025

Nasdaq Pushes for Consistent Oversight

While backing new crypto ETFs, Nasdaq is also calling
for stricter and more uniform regulation. In an April 25 letter to the SEC, the
exchange argued that digital assets resembling securities should be held to the
same standards.

Unlike many other meme coins, Dogecoin operates on its own blockchain and uses a proof-of-work mechanism. This makes it functionally similar to Bitcoin but cheaper and faster for small transactions. Currently, Dogecoin has a market cap of nearly $26 billion and traded at $0.1773 at the time of publication.

The Road Ahead

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

If approved, Dogecoin could join the growing list of
digital assets accessible via regulated investment vehicles, bringing the meme
token a step closer to mainstream portfolios.

This article was written by Jared Kirui at www.financemagnates.com.
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