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.