Bitwise has officially filed with the US Securities and Exchange Commission (SEC) to launch a spot Dogecoin exchange-traded fund (ETF), marking a significant step in bringing the popular memecoin to traditional financial markets.
Details of Bitwise’s Dogecoin ETF Filing
According to a January 28 S-1 filing with the SEC, the Bitwise Dogecoin ETF would hold Dogecoin and track its price movements. Bloomberg ETF analyst James Seyffart noted that Bitwise had previously registered a Dogecoin trust in Delaware on January 22, but this filing makes its ETF application official.
A growing number of firms have been filing for memecoin ETFs in the US. Companies like Osprey Funds, REX Shares, and Tuttle Capital have proposed funds tied to Dogecoin and other trending tokens, including the so-called Official Trump (TRUMP) memecoin.
Seyffart commented that fund issuers are “testing the limits of what this SEC is going to allow,” particularly after Tuttle filed for 10 leveraged ETFs linked to popular cryptocurrencies and memecoins.
What’s Next for the Dogecoin ETF?
For the SEC to formally begin its review process, Bitwise must submit a 19b-4 filing alongside its S-1 application. The approval process will determine whether Dogecoin becomes the next cryptocurrency available through a spot ETF.
Dogecoin, launched in 2015 as a joke, has since grown into a major digital asset with a market capitalization of $47 billion, making it the eighth-largest cryptocurrency.
Bitwise has selected Coinbase Custody as the proposed custodian for the ETF, following a trend among crypto ETF issuers. However, the filing did not specify the ETF’s proposed stock exchange, trading ticker, or management fees.
