NFT project Jirasan is moving to reset its operations according to Founder and CEO Shan.

In a post published on Twitter/X, Shan acknowledged the project’s growing pains and outlined a clearer, more focused roadmap after what he described as an “overly ambitious” attempt to scale with limited resources.

The founder has committed to restructuring the team, reassessing leadership roles—including his own—and narrowing the project’s focus to deliver real revenue-backed growth.

What is Jirasan?

Jirasan is a collection of 10,000 NFTs that serve as membership passes to the PG Group and the broader Redacted ecosystem.

NFT holders receive various ecosystem benefits, most notably future airdrops of the native $RDAC token—which functions as the core utility and transactional asset of the Redacted platform.

Jirasan is part of a wider ecosystem aiming to build long-term web3 infrastructure and products.

What was the controversy about?

The controversy stemmed from growing dissatisfaction within the community over delays, unclear communications, and what some perceived as mismanagement and “slow-rugging.”

According to Shan, the team had only six full-time staff and relied heavily on short-term contractors, whilst simultaneously attempting to incubate and manage over 14 different products. This approach, the founder admitted, was “overly ambitious” and led to inefficiencies and underperformance across several fronts.

The founder also addressed rumours that the team had been dumping tokens or acting in bad faith. He denied these claims and stressed that the only funds used for $RDAC buybacks came from external revenue and not from the project treasury. He added that last week alone, 0.5% of the $RDAC supply had been bought and burned using these earnings.

What’s next for the project?

Founder and CEO Shan had announced several changes to restore confidence and improve execution, and a major overhaul is now underway.

• A restructuring of management, development, and marketing teams
• The establishment of dedicated web2 and web3 marketing divisions
• A renewed, focused roadmap with the goal of reaching a $100M market cap by 2026
• Reassessment of leadership roles

“We’ve stopped trying to do everything at once and are back to being sharp and intentional,” he wrote, adding that only high-accountability team members would remain moving forward.

Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

The prospect of a Dogecoin exchange-traded fund (ETF) finally making its way into the US financial markets has taken a major step forward and now feels more realistic than ever. This fresh optimism stems from a significant regulatory update: the U.S. Securities and Exchange Commission (SEC) has officially acknowledged the 21Shares filing for a Dogecoin ETF, marking the beginning of a formal review process.

SEC Acknowledges NASDAQ’s Filing To List And Trade Shares of 21Shares’ Dogecoin ETF

The SEC’s acknowledgment of 21Shares’ DOGE ETF filing signals the start of an official review process. On May 13, 2025, the Commission published a notice confirming that Nasdaq’s request to list the 21Shares Dogecoin ETF had been received, effectively putting the proposal on the public docket.

However, it is important to note that this step does not equate to an approval. Instead, it initiates a period of scrutiny and public comment that can extend up to 240 days before a final decision is due. In fact, the SEC’s ultimate deadline for the 21Shares Dogecoin ETF would be January 9, 2026, if all extensions are utilized. But for now, the acknowledgment locks in a timeline and affirms that the agency is actively considering the DOGE fund idea.

21Shares, a Switzerland-based asset manager, filed its initial registration for a spot Dogecoin ETF on April 9. The firm partnered with the Dogecoin Foundation’s corporate arm, known as House of Doge, to help promote the fund. According to the filing, the proposed ETF is designed as a passive trust holding actual DOGE tokens, tracking a benchmark index of the meme coin’s price without using leverage or derivatives. Furthermore, Coinbase Custody Trust was brought on as the custodian for the fund’s DOGE holdings, probably to target institutional and retail brokerage channels.

DOGE ETF Race Heats Up. Now Closer Than Ever

The review of the Dogecoin ETF comes at a time when the SEC’s stance on crypto products is shifting. Under the new leadership of SEC Chair Paul Atkins, the agency has shown signs of a more open approach toward cryptocurrency investments. The current administration in Washington has been described as more crypto-friendly than its predecessor, and the SEC has recently taken steps like dismissing cases against crypto companies and engaging in crypto-focused discussions with industry stakeholders. This backdrop of a softer regulatory outlook gives the DOGE ETF bid a fighting chance that might not have existed just a couple of years ago.

In addition to 21Shares, several other asset management firms have filed applications to launch Dogecoin ETFs in the United States. Bitwise Asset Management submitted its application for a spot Dogecoin ETF on January 28, 2025, with NYSE Arca proposing to list the fund. REX Shares, in partnership with Osprey Funds, filed for a Dogecoin ETF in January 2025. Their application is among different memecoins, including products linked to the $TRUMP token and BONK. 

As of mid-May 2025, the SEC is reviewing DOGE ETF applications from 21Shares, Bitwise, Grayscale, and the REX-Osprey partnership. Industry analysts estimate a 63% to 75% chance of approval for these ETFs this year.

Featured image from Pixabay, chart from Tradingview.com

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.