Valour, a subsidiary of Canadian crypto company DeFi Technologies, announced on Tuesday the launch of an exchange-traded product (ETP) for Dogecoin on the Swedish Spotlight exchange.
The Valor Dogecoin (DOGE) SEK ETP is billed as the first of its kind in the Nordic region, providing investors with a simple and secure way to gain exposure to the popular meme-based cryptocurrency.
“The introduction of the first Dogecoin ETP in the Nordics represents an important milestone in our mission to democratize access to digital assets,” said Elaine Buehler, head of product at Valour. “We are excited to provide investors with a regulated product that captures the essence of Dogecoin’s dynamic presence in the market.”
Dogecoin, originally created as a joke in 2013, has become the seventh largest digital asset, with a market capitalization of around $59.5 billion. Its growing popularity is largely attributed to a vibrant community and high-profile backers, including Tesla CEO Elon Musk. Musk’s tweets and public statements have frequently influenced Dogecoin’s price movements, contributing to its widespread adoption.
Earlier this year, investors filed a lawsuit alleging that Musk used his social media platform X (formerly Twitter) and a 2021 appearance on NBC’s “Saturday Night Live” to increase the price of Dogecoin of more than 36,000% over two years before its possible decline. The case was dismissed by U.S. District Judge Alvin Hellerstein.
The Valor Dogecoin ETP comes with a 1.9% management fee, positioning itself as a competitive option for investors. “The growing popularity of Dogecoin, supported by influential figures like Elon Musk, highlights our commitment to providing innovative and diverse investment opportunities in the Nordics,” said Johanna Belitz, Head of Nordics at Valour. “In light of the recent results of the US presidential election and the subsequent increase in demand for Dogecoin, the launch aligns with our mission to provide rapid access to in-demand digital assets.”
Valor’s offering adds to its portfolio of single coin ETPs, which includes products providing exposure to cryptocurrencies such as Solana (SOL), Uniswap (UNI), and Toncoin (TON). The company’s focus on accessibility, humor, and utility underscores its approach to embracing the unique characteristics that have driven Dogecoin’s popularity.
In the United States, investment products offering exposure to cryptocurrencies are currently limited to Bitcoin and Ethereum. However, industry analysts suggest that asset managers may soon expand their offerings to include other digital assets like Dogecoin, as interest grows and regulatory frameworks evolve.
The price of Dogecoin has seen significant volatility in recent weeks. Over the past month, it has surged 169%, hitting a three-year high of $0.475 on Saturday. Despite this growth, the cryptocurrency lagged the overall market on Tuesday, falling 6.3% to $0.38.
The launch of the Dogecoin ETP on the Spotlight exchange represents a notable development for the relatively small exchange, which was founded in 1997 and lists approximately 125 stocks and 25 exchange-traded products. Valor’s initiative reflects a broader trend of growing institutional interest in cryptocurrency investment vehicles across Europe.
“We are proud to announce the first Dogecoin ETP in the Nordics, marking an important milestone in our mission to democratize access to digital assets,” Buehler added. “We are excited to offer investors a regulated product that embodies Dogecoin’s dynamic presence in the market.”