Bitwise Seeks SEC Nod for Physically-Backed Dogecoin ETF

Bitwise Asset Management has filed an application with the U.S. Securities and Exchange Commission (SEC) to launch a physically-backed Dogecoin exchange-traded fund (ETF). The filing, submitted on January 28, marks the second application for a Dogecoin ETF in recent weeks, following a similar move by Rex Shares.

The application, submitted under the Securities Act of 1933, ensures a physically backed structure for the ETF, which would hold actual Dogecoin. This distinction is crucial, as ETFs filed under the Investment Company Act of 1940 do not necessarily require direct ownership of assets.

In the filing, Bitwise has named Coinbase Custody as the custodian for the Dogecoin ETF. However, key details such as the proposed fee, ticker symbol, and listing exchange have not yet been disclosed in the S-1 form.

Following the announcement, optimism surrounding the approval of a Dogecoin ETF surged. On the prediction platform Polymarket, betting odds jumped to a record 56% in favor of approval before settling at 55%.

Bitwise’s move aligns with the growing trend of cryptocurrency ETF applications. The company has already launched spot Bitcoin (BTC) and Ethereum (ETH) ETFs and has filed for Solana (SOL) and XRP (XRP) ETFs. Meanwhile, its broader plan to introduce the Bitwise 10 Crypto Index Fund, which aims to track the ten largest cryptocurrencies by market capitalization, is still under SEC review. The regulator has delayed its decision on this proposal until March 2025.