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Digital asset manager Bitwise has officially submitted an S-1 registration application to the US Securities and Exchange Commission (SEC) to establish a spot Dogecoin exchange-traded fund (ETF).
If approved, the fund would provide investors with exposure to the value of the eighth-largest cryptocurrency by market capitalization. Dogecoin is currently trading at $0.32, according to CoinGecko data.
Bitwise filed with federal regulators on Tuesday, following a similar registration submission in Delaware on January 22.
Bloomberg ETF analyst James Seyffart noted that the filing was widely anticipated.
“We knew this was coming because they filed to register the trust last week, but this makes it official with the SEC,” he stated on X.
We knew this was coming because they filed to register the trust last week, but this makes it official with the SEC. https://t.co/J7GuVqujJw
— James Seyffart (@JSeyff) January 28, 2025
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The asset manager is already associated with Bitwise’s $4.5 billion Bitcoin ETF (BITB). It aims to participate in the wave of memecoin ETFs expected to emerge following a pro-crypto administration.
“We’ve seen numerous filings from various issuers with many concepts, and I believe that will continue,” Matt Hougan, chief investment officer at Bitwise, told the Financial Times.
“The reality is that there are many individuals interested in investing in Dogecoin. It’s the sixth-largest crypto asset globally by market cap and trades over $1 billion daily.”
Bitwise Doge ETF Distinct from Previous Filings
Previously, investment firms Rex Shares and Osprey Funds submitted applications to the SEC to launch seven new cryptocurrency ETFs, including DOGE.
However, according to senior Bloomberg ETF analyst Eric Balchunas, Bitwise’s filing stands apart from other memecoin ETF submissions.
This indicates that S-1 applications filed under the ‘33 Act are intended for commodity-based ETFs. In contrast, the 40 Act requires compliance with additional SEC regulations and offers enhanced investor protection.
Bitwise is also aligned with several pending crypto ETF applications, including its XRP ETF. Ripple President Monica Long believes that the favorable regulatory environment under the new US administration may soon facilitate the approval of ETFs linked to XRP.
Meanwhile, Doge is trading within a descending triangle on the daily chart and is experiencing a downturn that began last week. It has recorded a 51.7% drop in volume over the past 24 hours, according to Coinmarketcap.
The post Bitwise Officially Files Spot Dogecoin ETF with US SEC appeared first on Cryptonews.
