Bitwise Seeks SEC Nod for Groundbreaking Dogecoin ETF

Bitwise Files SEC Application for Revolutionary Dogecoin ETF to Track Price Movement

Bitwise Asset Management has filed an application with the U.S. Securities and Exchange Commission (SEC) to launch an exchange-traded fund (ETF) that tracks the price of Dogecoin (DOGE). The proposed Bitwise Dogecoin ETF aims to hold Dogecoin and closely track its price, according to an S-1 filing submitted to the SEC on January 28.

Bloomberg ETF analyst James Seyffart noted that Bitwise had previously applied to register a Dogecoin trust fund in Delaware on January 22. "But this time, it's a formal submission to the SEC," he said. Seyffart also mentioned that the market expected Bitwise's move, as the company registered a DOGE trust last week.

However, Seyffart cautioned that the SEC's approval of the Dogecoin ETF is not a sure thing. He stated that while the regulator's new administration could treat DOGE-related products differently, it is not a potential "slam dunk."

Bitwise's use of the 1933 Act to file for its Dogecoin product is notable, as it is the same legislation that BlackRock's spot Bitcoin ETF, the IBIT, came under. Additionally, a 19b-4 form for Dogecoin ETF trading should be filed soon, according to Seyffart.

Despite being a memecoin, DOGE is the 8th largest crypto by market cap, priced at $0.32 as of press time, with nearly $2 billion in trading volume for the past 24 hours. Matt Hougan, Bitwise's chief investment officer, recently told the Financial Times that DOGE's market cap and liquidity justify its inclusion in an ETF.