Crypto ETF Issuer 21Shares Advances Dogecoin ETF Bid with Amended S-1 Filing

Crypto ETF issuer 21Shares has indicated it still intends to launch its Dogecoin ETF, as it just filed an amended S-1 with the U.S. Securities and Exchange Commission (SEC). This comes as DOGE ETFs continue to underperform, extending their streak of zero flows.

21Shares Amends S-1 For Dogecoin ETF

An SEC filing shows that the crypto ETF issuer has made another amendment to the registration statement for its DOGE ETF filing. This marks the sixth amendment to the Form S-1 even as the asset manager prepares to launch its DOGE fund.

CoinGape reported earlier this month that 21Shares had amended the S-1 for its Dogecoin ETF to disclose key details, including a 0.5% management fee. The latest amendment maintains such details as the management fee.

The crypto ETF issuer still plans to list the fund under the ticker ‘TDOG’ on the Nasdaq. Furthermore, the top crypto exchange, Coinbase, will serve as custodian of the Trust’s assets. There is no mention of a fee waiver, even as 21Shares looks to compete with the existing DOGE ETFs by Grayscale and Bitwise. The asset manager still plans to buy $1.5 million worth of DOGE upon listing on the exchange.

Meanwhile, it is worth mentioning that 21Shares noted that the Dogecoin ETF won’t go into effect until they file another amendment to make the fund effective in line with section 8 (a) of the ’33 Act or when the SEC makes the registration statement effective. 21Shares has already launched its Solana and XRP ETFs this year, while the DOGE fund could be the fifth crypto asset it offers 100% spot exposure to.

DOGE ETFs Continue to Underperform

SoSo Value data show that the DOGE ETFs have continued to underperform since they launched in late November. These funds have recorded eight consecutive days of zero flows, dating back to December 11.

The Dogecoin ETFs have also only recorded daily net inflows in five out of 20 trading days. As a result, both Grayscale and Bitwise DOGE ETFs have only taken in $2.05 million since they launched.

Grayscale currently boasts a total net inflow of $3.03 million, while Bitwise’s total net flow is an outflow of almost $1 million. The daily trading volume recorded by these funds also continues to fall short of $1 million.

The Dogecoin price has also been declining amid underperformance in these DOGE ETFs. The meme coin has dropped over 6% in the last month, around the time these funds launched. Meanwhile, the top meme coin is down over 58% year-to-date (YTD).