Dogecoin is a decentralized cryptocurrency created in 2013 by Billy Markus and Jackson Palmer. Though it was originally created as a joke and is one of the first memecoins, Dogecoin has since grown into a widely used digital currency, particularly for tipping.
Further, Tesla CEO Elon Musk announced in December 2021 that the automaker would accept Dogecoin as payment for merchandise.
As of March 2025, Dogecoin is the eighth-largest cryptocurrency by market cap at over $24.95 billion USD.
Similar to a spot bitcoin ETF, a spot Dogecoin ETF is a type of exchange-traded fund that will hold physical Dogecoin as its underlying asset.
An ETF is a low-cost investment fund that can be traded on a stock exchange like the New York Stock Exchange (NYSE) or the Nasdaq.
On January 31, 2025, Grayscale filed with the US SEC to list and trade shares of a Dogecoin Trust under NYSE Arca Rule 8.201-E (Commodity-Based Trust Shares), a rule that governs the listing and trading of Commodity-Based Trust Shares on the New York Stock Exchange (NYSE).
The SEC officially acknowledged Grayscale’s filing with the Federal Register on February 13, 2025, triggering a 21-day public comment period for the proposed rule change and listing. Within 45 days of acknowledging the proposal—or up to 90 days if they need more time—the SEC will either approve it, reject it or start a review process to decide if it should be denied.
In short, it could take several months before a spot Dogecoin ETF begins trading on the NYSE.
Exchange applications are the first step in a two-step approval process, the second step being approval of ETF S-1 registration statements.
The whole process can take as little as 15 minutes. You’ll need a smartphone or computer, an internet connection, your passport or driving license and funds to transfer into your account.
March 3, 2025: NYSE Arca filed Form 19b-4 with the US Securities and Exchange Commission (SEC) seeking permission to list and trade the Bitwise Dogecoin ETF.
February 13, 2025: The US Securities and Exchange Commission has acknowledged Grayscale’s filing to list and trade shares of a Dogecoin Trust under NYSE Arca Rule 8.201-E (Commodity-Based Trust Shares).
Approval of a spot ETF would make Dogecoin, the eighth-largest cryptocurrency by market cap as of March 2025, accessible to a broad range of investors. Whereas many traditional brokers in Canada still don’t offer direct crypto investing, most will likely offer any approved US spot Dogecoin ETF, just as they have with spot bitcoin and spot Ethereum ETFs.
From January 11, 2024 when bitcoin spot ETFs began trading until more recently in February 2025, investors have poured more than $115 billion USD into them. While there’s no telling the same will happen for approved spot Dogecoin ETFs, demand appears high.
While Dogecoin ETFs will offer a convenient way to gain exposure to the cryptocurrency, an alternative method to consider is to purchase Dogecoin directly on a cryptocurrency exchange or with a traditional broker that offers crypto.
Platforms like Coinbase, Kraken, VirgoCX and Bitbuy let you purchase and hold Dogecoin in a digital wallet or transfer your coins to an external wallet. This method gives you full control over your Dogecoin assets.
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