Wall Street Wants Dogecoin as Nasdaq Backs the First Meme Coin ETF
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Nasdaq has taken a step to bring Dogecoin into traditional finance by sending a request to the U.S. Securities and Exchange Commission. The goal is to launch an exchange-traded fund (ETF) backed by Dogecoin. If accepted, this move could give Dogecoin a spot among financial tools traded on Wall Street.
Interest in creating a Dogecoin ETF started growing earlier this month when 21Shares filed a similar proposal. Nasdaq’s involvement has added more strength to the plan, showing that major financial players see potential in the meme-inspired cryptocurrency. However, the final decision still depends on the SEC.
SEC Reviews Several Crypto ETF Proposals
The Dogecoin ETF cannot be launched until the SEC gives its approval. This approval process might take several months, as the agency is currently reviewing over 70 filings for crypto-related ETFs. Reports stated that some of these include other altcoins like Solana and Sui, which are also being considered for ETF status.
The sudden increase in crypto ETF proposals has come just months after President Trump’s new administration asked financial regulators to take a more open and supportive approach to digital assets. This policy change has encouraged companies to push for new ways to bring crypto into the world of regulated finance.
Big fund managers such as Bitwise and Grayscale are now competing to lead the altcoin ETF race. Last month, NYSE Arca submitted a request to list Bitwise’s Dogecoin ETF. Coinbase Custody would handle the Dogecoin assets, while the Bank of New York Mellon would take care of the fund’s cash reserves.
Dogecoin May Gain From Rising Interest In Altcoins
While helping to support new crypto ETF applications, Nasdaq has also highlighted the need for better rules. In a letter shared on April 25, the exchange told the SEC that any digital asset with characteristics like securities should be held to the same standards as other financial tools.
Dogecoin is not like most meme coins. It works on its own blockchain and uses proof-of-work technology, similar to Bitcoin. This makes Dogecoin more secure and reliable, especially for smaller payments, which it handles quickly and at a lower cost.
At the time of reporting, Dogecoin had a market value close to $26 billion and traded at around $0.1773. These figures show that Dogecoin is no longer just a joke but has become one of the more serious players in the crypto world.
Even if the SEC does not approve the Dogecoin ETF this time, the growing interest in altcoin-based ETFs shows that traditional finance is becoming more open to crypto. If approved, the Dogecoin ETF would allow investors to gain exposure to the token through regulated channels, bringing it one step closer to mainstream acceptance.
