21Shares, a U.S.-based investment firm, has formally submitted an application to the Securities and Exchange Commission (SEC) seeking approval for a spot Ethereum ETF that tracks the price of Dogecoin. This move follows similar requests from companies like Bitwise and Grayscale, aiming to bring more cryptocurrency-focused ETFs to market. The fund’s custody services will be handled by Coinbase Custody, although details on the exchange listing, ticker symbol, and fees remain unclear until formal approval. The application is currently in its early stages, with the submission of Form 19b-4 required for SEC review. 21Shares joins a wave of companies pursuing spot ETF approvals for altcoins following recent successes with Bitcoin and Ethereum ETFs. Bloomberg analyst James Seyffart estimates an 75% likelihood of Dogecoin receiving SEC approval, while betting platform Polymarket predicts it at 64%. The surge in applications highlights the growing optimism towards cryptocurrency-based exchange-traded products. This comes after 21Shares launched a Dogecoin investment product within European markets via collaboration with the House of Doge, which offers investors access to the asset through a regulated platform on Switzerland’s SIX exchange. President Duncan Moir views Dogecoin as more than just a currency and believes it represents a cultural and financial movement. He is confident in its long-term potential and aims to provide investors with a secure investment option.