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The 21Shares Dogecoin ETF has been added to the Depository Trust & Clearing Corporation (DTCC) list later as of September 23, signaling that the operational groundwork is in place for potential trading. The listing, however, does not equate to regulatory approval.
Issuers often prepare products in advance so that listing and settlement infrastructure is ready if the U.S. Securities and Exchange Commission (SEC) grants approval. This practice has become common as the DTCC serves as the main clearing and settlement hub for equities and ETFs in the U.S.
The DTCC listing is a necessary operational step but should not be confused with SEC approval, Market analyst at Blockworks Research, in a note to clients.
The 21Shares Dogecoin ETF still requires a green light from the SEC before it becomes tradable, keeping investor expectations in check despite the listing milestone.
The Swiss asset manager 21Shares initially filed for a Dogecoin ETF in April, aiming to offer institutional investors regulated exposure to DOGE. The SEC formally acknowledged the application in May but has since delayed its decision, grouping it with other pending proposals from issuers including Grayscale and Bitwise.
The commission is moving cautiously on crypto ETFs given the volatility and investor protection concerns, Former SEC attorney Lisa Braganca, in an interview with CNBC.
Earlier this month, the DTCC also listed spot ETFs for Solana, Hedera, and XRP from issuers like Fidelity Investments and Canary Capital. These additions show growing demand from asset managers seeking to bring digital assets under a regulated ETF structure.
For now, the 21Shares Dogecoin ETF remains in limbo, its listing on DTCC representing readiness rather than approval.
Despite the DTCC development, Dogecoin’s market price failed to show significant movement. DOGE slipped roughly 4% in the past 24 hours, tracking a broader sell-off across the crypto market. Billions in liquidations followed Bitcoin’s drop to multi-week lows, putting pressure on altcoins.
Over the past month, Dogecoin had rallied on optimism surrounding a possible ETF approval. Reports also circulated that REX Shares and Osprey Funds were preparing the first spot Dogecoin ETF, raising hopes of imminent regulatory progress.
Still, much of those gains have since evaporated. At the time of writing, Dogecoin (DOGE) was trading at $0.2395, up just 1.3% over the past 30 days.
The muted price reaction underscores the market’s recognition that a DTCC listing alone doesn’t guarantee SEC approval, CoinMetrics senior researcher Kyle Waters, in a statement to Bloomberg.
For investors watching the 21Shares Dogecoin ETF, price movement may hinge on whether the SEC issues its decision this quarter or extends the review further.
The 21Shares Dogecoin ETF represents one of several efforts to bring meme coins into regulated investment vehicles. If approved, the fund could provide institutional investors with a new avenue to gain exposure to DOGE without directly holding the asset.
Market observers suggest that approval could boost Dogecoin’s legitimacy among mainstream investors, similar to the effect seen when Bitcoin spot ETFs entered the market earlier this year. However, the SEC’s cautious stance means that approval is far from guaranteed.
In the meantime, the DTCC listing ensures that, if approval comes, the 21Shares Dogecoin ETF can launch quickly. That readiness may explain why issuers continue to prepare even amid regulatory uncertainty.
For crypto investors, the question remains whether the SEC is prepared to move beyond blue-chip assets like Bitcoin and Ethereum to approve funds linked to more speculative tokens. Until that clarity emerges, the 21Shares Dogecoin ETF sits as both a signal of market demand and a reminder of the regulatory roadblocks still ahead.
