21Shares Amends Dogecoin ETF Filing, Confirms Fees and Key Launch Details
21Shares hinted the launch of the Dogecoin ETF was imminent when it filed an amendment to the U.S. Securities and Exchange Commission (SEC) detailing fees, custodians, and the ETF’s operational structure.
With this amendment, the 21Shares Dogecoin ETF will likely launch along the Grayscale (GDOG) and Bitwise (BWOW) Dogecoin ETFs later this month. The expectation of multiple DOGE ETFs in the market has contributed to buoyed optimism and a price rally.
21Shares has also confirmed its management fee of 0.50% will accrue on a daily basis and will be payable, retrospectively, weekly, in Dogecoin back to the issuer. There has been no mention of fee waivers, though there could be some at the approval or launch stage.
The filing also maintains what is referred to as the delaying amendment, meaning the ETF will be deemed effective once it submits its Form 8(a).
The amendment describes the entire operational structure for the trust. The Bank of New York Mellon will serve as the administrator, cash custodian and transfer agent. Moreover, Anchorage Digital Bank and BitGo will provide the trust’s holdings secure and integrated crypto custody.
Earlier disclosures also included Coinbase Custody Trust Company as a custodian, while 21Shares US LLC will be the seed capital investor to purchase 1.5 million dollars worth of DOGE prior to the commencement of trading for the ETF.
The ETF will list on Nasdaq under the ticker “TDOG”. The ETF will be designed to track the performance of Dogecoin through the CF Dogecoin-Dollar US Settlement Price Index.
Other service providers mentioned in the filing include Wilmington Trust NA as the trustee, Foreside Global Services as the marketing agent, and Cohen & Company as the accounting.
Concurrently, the performance of Dogecoin reflects the market anticipation and excitement surrounding the impending Dogecoin ETF. As of this statement, DOGE jumped 11% to $0.15, trading within the 24-hour range of $0.1347 and $0.1519. The trading volume increased to 32%, demonstrating a higher demand and increased activity of both retail and institutional traders in the market.
Technical indicators show positive momentum. While DOGE is below the 50-day and 200-day moving averages, however, a breakout above the downtrend line has provided a new support. On the positive side, the RSI has increased to 45.19 and is expected to grow further as the optimism in the market and the outlook for the ETF increases.
There are other possible bullish indicators in the derivatives market. Within just a day, CoinGlass reported that Dogecoin futures open interest has increased by 8\% to 1.5 billion dollars. A 1.5\% increase in open interest was also recorded on Binance, 1.64\% on OKX, and 1.26\% on Bybit in the last four hours, indicating strong positions by traders that are using leverage.
The market is also positive for DOGE as volumes are expected to increase significantly due to the expected launch of multiple spot Dogecoin ETF’s in the U.S. As the regulatory processes take their time.
