Bitwise Makes Progress Towards Launching Dogecoin ETF

Bitwise Asset Management has initiated the process of launching a Dogecoin exchange-traded fund (ETF), following REX Shares’ recent filing with the U.S. Securities and Exchange Commission (SEC) for a DOGE ETF. Bitwise officially registered the “Bitwise Dogecoin ETF” entity in the State of Delaware, marking the first step towards a potential Dogecoin ETF issuance. The asset manager plans to become one of the first entities to lodge a petition for the fund with the new SEC administration.

In response to REX Shares’ filing for several meme coin ETFs, including a $DOGE ETF, Bitwise quickly moved to establish a statutory trust entity in Delaware. Even though REX has advanced further in the SEC application process, Bitwise is on track to introduce its Dogecoin ETF with the necessary approval from the Commission. Despite completing the initial registration step, Bitwise must file additional paperwork, like a prospectus, and achieve SEC consent before moving forward with issuing a DOGE ETF.

Bitwise already possesses a successful history of launching cryptocurrency ETFs, notably for Bitcoin and Ethereum. The company was among the few issuers authorized by the SEC in January 2024 to launch a spot Bitcoin ETF. Subsequently, Bitwise also obtained approval to introduce its ETHW Ethereum ETF. Given Bitwise’s background in ETF issuances, it is reasonable to speculate that the firm might soon file a prospectus with the Commission for its Dogecoin ETF.

Various asset managers and financial institutions have submitted applications to the SEC for altcoin ETFs, encompassing funds for Solana, Litecoin, XRP, and Hedera. Bitwise, however, stands out as one of the pioneering entities to pursue a meme coin ETF. Public opinion around the impact of meme coin ETFs on the crypto market varies, with some suggesting these funds could transform the stock market’s dynamics. Others believe that the recent official memecoin launch by Donald Trump has positively spotlighted the meme token space, possibly influencing the surge in memecoin ETF applications. Despite these developments, Dogecoin’s market performance seems unaffected, with the top meme token experiencing a 6% decline during the day and week, maintaining a market capitalization of approximately $52 billion.

As the industry awaits further updates on the progress of Bitwise’s Dogecoin ETF and other meme coin ETFs, the market continues to navigate the evolving landscape of cryptocurrency investments. While many are eager to see the impact of these ETFs on the crypto market, the future of these investments remains uncertain. Time will tell how these developments shape the crypto industry moving forward.