NYSE Arca has submitted a proposal to list and trade shares of the Bitwise Dogecoin exchange-traded fund (ETF), pending approval from the Securities and Exchange Commission (SEC).
Bitwise Dogecoin ETF Proposal Moves Forward
On March 3, NYSE Arca filed a 19b-4 form, a necessary step in seeking regulatory approval to list the Bitwise Dogecoin ETF. If approved, this ETF would offer investors direct exposure to Dogecoin in a regulated manner.
- Custody and Administration: Coinbase will serve as the custodian for Dogecoin, while the Bank of New York Mellon will manage cash custody, administration, and transfer functions.
- Cash Creations and Redemptions: Unlike some crypto ETFs, this product will not allow direct deposits or withdrawals of Dogecoin, operating solely through cash transactions.
Bitwise had already filed an S-1 registration for the ETF with the SEC in January, marking a crucial step in the approval process. If greenlit, this could become one of the first memecoin ETFs available to U.S. investors.
Market Reaction and Other ETF Filings
Despite the filing, Dogecoin’s price saw no positive impact. Instead, it dropped over 15% on the day, hitting $0.19 as part of a broader crypto market decline that erased gains following Donald Trump’s March 2 announcement about a U.S. crypto reserve.
Meanwhile, the SEC acknowledged Grayscale’s filing for a Dogecoin Trust on February 13, setting a review timeline that could extend until mid-October.
Additionally, the Nasdaq submitted a similar filing on March 3 to list the Grayscale Hedera Trust, tracking the price of HBAR, the native token of the Hedera Network. In late February, the Nasdaq also applied to list a similar Hedera ETF from Canary Capital.
Since the SEC’s shift toward a more crypto-friendly stance, various issuers have submitted ETF applications for altcoins, including Cardano. This growing trend indicates increasing institutional interest in diversified crypto investment products.
