- 21Shares launches DOGE ETP on SIX Swiss Exchange, marking the first Dogecoin product backed by the Dogecoin Foundation.
- The physically backed DOGE ETP offers European institutions regulated Dogecoin access, promoting broader crypto adoption.
- Collaboration with House of Doge shows growing institutional interest in meme coins as Europe advances regulated crypto exposure.
21Shares AG announced the launch of a Dogecoin exchange-traded product (ETP) on the SIX Swiss Exchange with the ticker ‘DOGE.’ This launch marks the first Dogecoin ETP officially endorsed by the Dogecoin Foundation. The product is physically backed and allows investors to access Dogecoin via traditional financial systems.
The new ETP was developed in partnership with the House of Doge and aims to promote Dogecoin’s vision as a cryptocurrency that facilitates peer-to-peer transactions. This listing allows Europeans, such as banks and brokerages, to invest in Dogecoin. With a 2.50% management fee, the ETP is fully collateralized with the underlying digital asset.
Partnership with the House of Doge
21Shares announcing the collaboration with the House of Doge shows the alignment of 21Shares with entities working to increase Dogecoin’s utility and recognition. This ETP is an offering unique to the European financial market, with a Dogecoin Foundation endorsement aiming to address institutional demand.
In a statement, Sarosh Mistry, Director-Elect at House of Doge and CEO of Sodexo North America said this marks a step towards the asset becoming institutional-grade legit. With its structure, the ETP makes it easier for Dogecoin to gain traction within mainstream financial systems.
Jens Wiechers, co-executive director of the foundation and advisory board member at the House of Doge, said the announcement comes as the community’s long-term objective is to make Dogecoin a valuable currency with functionality that people can use daily.
Institutional Demand and Regulatory Support in Europe
This follows a broader momentum in Europe, where crypto financial products are gaining momentum. While the US has been more cautious in approaching regulated digital asset exposure, the region has become a center for it. Other meme-based digital assets have also been approved to list similar ETPs in Europe.
21Shares boasts more than $7.3 billion in assets under management and is listed on 11 of the world’s major exchanges providing physically backed crypto products. SIX Swiss Exchange listing a Dogecoin ETP signals the region’s willingness to include alternative cryptocurrencies, beyond Bitcoin and Ethereum, for listing.
Dogecoin ETP follows similar meme coin activity recently seen in the crypto investment space, with similar plans involving another meme coin, Floki. These developments indicate that investors want to diversify crypto through regulated instruments.
Meanwhile, the Securities and Exchange Commission(SEC) has yet to approve a Dogecoin exchange-traded fund (ETF) in the United States. Among other companies, Bitwise has taken the plunge, filing but not making regulatory progress. However, this regulatory delay transforms Europe into a preferable environment for the institutional adoption of non-traditional digital assets like Dogecoin. With the 21Shares launch of the DOGE ETP, regulated and institutional participants can now also access exposure to Dogecoin through a structured and more accessible token.
Key Points of the Launch and Market Impacts
Meanwhile, 21Shares Dogecoin ETP is listed with ISIN CH1431521033. European investors can access it via conventional investment channels and is part of a broader strategy from 21Shares to make crypto based financial instruments available to regulated markets.
Through its collaboration with the Dogecoin Foundation and the House of Doge, 21Shares is offering a regulated means for institutions to participate in Dogecoin. The launch illustrates an ever growing appetite for alternative cryptocurrency exposure across Europe, as well as the demand for the growing alternative cryptocurrency investments.
