The ETF segment of the crypto industry will likely welcome a seminal meme coin within its circles as Bitwise Asset Manager confirmed it applied to a Dogecoin ETF entity in Delaware.
According to an official statement detailing the development, the asset management registered the “Bitwise Dogecoin ETF” on Wednesday via CSC Delaware Trust Company in Wilmington.
Bitwise Confirms Dogecoin ETF Application
While the finer details surrounding the filing may not yet be too precise, observers believe that the registration represented an initial step towards what will eventually lead to the first meme coin-associated ETF launch. When asked about the registration by a popular media house, Bitwise Asset Manager CIO Matt Hougan stated that:
“This was from us […] Bitwise Dogecoin ETF with Delaware’s Department of State’s Division of Corporations submitted a few hours earlier.”
CoinShares Reportedly Filed Registration in December 2024
Dogecoin, the first-ever meme coin created as a joke following the growing popularity of Bitcoin in 2013 by Markus and Jackson Palmer, has taken a new life recently. US President Donald Trump supported the crypto community and, in keeping with his campaign pledges, nominated the biggest Dogecoin (DOGE) supporter, Elon Musk, to a new office, the Department of Governance Efficiency (DOGE).
With the many developments within the space, many believed it was only a matter of time before someone filed for a Dogecoin ETF. Commenting on social media platform X, ETF Store President Nate Geraci stated on January 15:
“I remain shocked that no issuer has filed for Dogecoin ETF […] 7th largest digital asset by market cap. Worst case, it’s a marketing expense for the issuer. Best case, you get an extremely lenient SEC who approves it, along with/ Elon touting it.”
Even as Bitwise Asset Manager seemed to confirm their filing with the SEC, Senior ETF analyst at Bloomberg James Seyffart held that this was not yet an official filing for the Dogecoin ETF with the agency. According to Seyffart, crypto asset manager CoinShares already went ahead of Bitwise and made a similar registration dated sometime in December 2024 but was yet to make an official ETF filing.
Growing Enthusiasm Surrounding the Dogecoin ETF Market
Regardless of the status of the filings and whether Bitwise has finally made it, credible information shows that another official filing confirmed reached the SEC’s desk on Tuesday, January 21, 2025, via a joint application from Osprey Funds and Rex Advisers. Pundits believe the application by Osprey and Rex aims to launch their Dogecoin ETF around April 2025. The fund by the duo was filed under the 1940 Securities Exchange Act, which gives the agency a review period of only 75 days.
The rush among entities to place Dogecoin ETF filings with the SEC comes with a growing increase in institutional adoption of cryptocurrencies. This follows the growing enthusiasm within the industry that there could be a regulatory shift as the Donald Trump administration takes office at the White House. According to ETF Store President Nate Geraci, analysts have been expecting a Dogecoin ETF filing since November 2024.
Conclusion
Considered the pioneer meme coin, DOGE is currently the seventh largest cryptocurrency by market capitalization, with over $52 billion before going to press. The ongoing chatter surrounding the filing of a Bitwise Dogecoin ETF that coincides with increasing institutional appetite from digital asset exposure via regulated products could impact the price of DOGE positively in the coming days.
Frequently Asked Questions (FAQs)
What is an ETF?
An ETF is an investment vehicle that holds a basket of assets and cryptocurrencies and trades on the stock market at market prices. Investors buy and sell ETF shares through registered providers.
How do ETFs work?
An ETF tracks the performance of the underlying asset class and seeks to outperform a benchmark in the case of active. They are managed by an investment manager, which uses the pooled capital from investors to buy the underlying assets.
How are ETF prices determined?
The ETF prices are determined by market supply and demand dynamics, but they generally closely track the net asset value of their underlying assets.
