The U.S. Securities and Exchange Commission (SEC) has delayed its decision on the spot Dogecoin ETF application by 21Shares. The government agency needs another 45 days to approve or deny the spot Dogecoin ETF prospectus.
21Shares Dogecoin ETF was delayed as the SEC seeks more time to further evaluate whether the proposed ETF meets listing and trading requirements under Nasdaq Rule 5711(d), according to a US SEC filing. It has sparked both curiosity and unease in the Dogecoin community. ETF approval is critical for DOGE’s broader acceptance and value growth.
The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein.
Nasdaq filed to list the 21Shares Dogecoin ETF on April 28, followed by a publication in the Federal Register on May 19. This designates the SEC to make its final decision by August 17.
Grayscale and Bitwise are other issuers seeking approval from the US SEC. Meanwhile, Bloomberg ETF analysts have raised the odds for Dogecoin ETF approval to 90%.
DOGE price fell more than 1% in the last 24 hours but continues to move range-bound near $0.165 for a week. The price was trading at $0.163, with a 24-hour low and high of $0.1623 and $0.1678, respectively. However, the trading volume has increased by 13% in the last 24 hours, indicating interest among traders.
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