Bitwise Seeks SEC Approval for Dogecoin Spot ETF

Crypto asset management giant Bitwise has filed an application with the U.S. Securities and Exchange Commission (SEC) to launch a spot exchange-traded fund (ETF) for Dogecoin (DOGE), the sixth-largest crypto asset by market capitalization. The proposed ETF aims to provide investors with exposure to the popular memecoin, which has gained significant traction in recent years.

In an interview with the Financial Times, Bitwise's chief investment officer Matt Hougan emphasized the importance of memecoins in the crypto industry and their strong investor appeal. He described memecoins as "totemic artifacts of the emerging crypto culture," noting that they serve as a way for investors to express their affiliation with the digital asset class. Hougan predicted a large demand for a Dogecoin ETF product, citing the coin's substantial market capitalization and daily trading volume.

The SEC has previously approved spot ETFs for Bitcoin (BTC) and Ethereum (ETH), but the process was marked by uncertainty and multiple delays. However, with former SEC chair Gary Gensler, who was widely considered anti-crypto, having stepped down, crypto insiders now believe the odds are greater that the SEC will approve ETFs for other digital assets. US President Donald Trump has nominated cryptocurrency advocate Paul Atkins to head the SEC, which could further boost the prospects of a Dogecoin ETF.

At the time of writing, DOGE is trading for $0.32, up 1.1% in the last 24 hours. The proposed ETF would allow investors to gain exposure to Dogecoin in a more regulated and accessible manner, potentially attracting a wider range of investors to the crypto market.