Bitwise Files for Dogecoin ETF as DOGE Surges

Bitwise Files S-1 for Dogecoin ETF as $DOGE Soars to $0.3232

Cryptocurrency asset manager Bitwise has filed an S-1 document with the U.S. Securities and Exchange Commission (SEC) to launch an exchange-traded fund (ETF) tied to the price of dogecoin (DOGE). This move comes after investment managers Rex Shares and Osprey Funds filed paperwork for several crypto ETFs, including dogecoin.

Bitwise's filing differs from the others in that it is filed under the '33 Act, which requires the issuer to adhere to stricter rules. S-1s filed under the '33 Act are typically used for niche, commodity-based ETFs, while filing under the 40 Act provides stronger investor protection, including limits on leverage and short-selling, and stricter fiduciary oversight and governance.

Bitwise is the issuer of several crypto ETFs and has several applications pending, including one for an XRP (XRP) ETF. While the S-1 document is a first step in launching an ETF, the more crucial filing is the 19b-4, which is required to signal a requisite rule change at the stock exchange seeking to list the investment and ties the SEC to a strict deadline.

The proposed ETF aims to provide direct exposure to DOGE through secure custody services and transparent valuation mechanisms. The fund would include a management fee and incorporate measures to address price volatility and liquidity risks. Dogecoin's price remained stable at $0.32, showing no immediate reaction to the filing.

Analysts attribute the muted market response to heightened caution, as the market has adopted a more cautious approach. While memecoin ETFs were once considered nearly unthinkable, the possibility of such funds now seems more likely than ever, following the inauguration of President Donald Trump, who has promised crypto-friendly policies and has launched his own memecoins, TRUMP and MELANIA.