Dogecoin just fetched its biggest institutional nod yet.
21Shares, one of the world’s largest issuers of crypto exchange-traded products (ETPs), announced Wednesday that it will launch a fully backed Dogecoin ETP on Switzerland’s SIX Swiss Exchange under the ticker DOGE.
The product will be the first and only Dogecoin ETP endorsed by the Dogecoin Foundation, developed through an initiative with the House of Doge, the foundation’s official corporate arm.
A crypto ETP is a regulated investment product, commonly listed in Europe, that tracks the price of a single digital asset and is traded on traditional exchanges, similar to a stock.
The launch seeks to offer regulated, institutional access to Dogecoin, a meme coin born in 2013 as an internet joke. The cryptocurrency is now widely used for micropayments, tipping, and everyday transactions, the Europe-based finance giant said in a statement.
“With this exclusive initiative, we’re providing investors with the most direct and accessible way to gain exposure to the Dogecoin ecosystem,” said Duncan Moir, President at 21Shares.
The ETP is 100% physically backed, meaning each unit is supported by actual DOGE holdings, and will charge a management fee of 2.5%.
Jens Wiechers, co-executive director of the Dogecoin Foundation, said the launch creates a regulated path for institutions to join and expand the ‘Dogecoin is Money’ vision.
“Global adoption is critical,” Wiechers said in the statement, adding that the ETP will afford Dogecoin the “credibility and backing needed to thrive at scale.”
The listing follows a similar move by crypto fund issuer Valour, which launched its own Dogecoin ETP last month on Sweden’s Spotlight Stock Market.
According to Johanna Belitz, Head of Nordics at Valour, the ETP was introduced “in light of the recent U.S. presidential election results and the subsequent surge in demand for Dogecoin,” supported in part by interest from Tesla CEO and Department of Government Efficiency (DOGE) head Elon Musk.
Though Dogecoin has seen a monthly pullback of 14.6%, it held within a narrow range of $0.14 to $0.17 over the past week, trading at $0.1465 as of Wednesday morning.
The meme coin continues to rank among the top ten most liquid digital assets, maintaining a market cap of more than $21.7 billion, per CoinGecko data.
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