Bitwise Enters Dogecoin ETF Race

Bitwise Joins Memecoin ETF Race with Dogecoin Filing

Crypto asset manager Bitwise has submitted a filing with the U.S. Securities and Exchange Commission (SEC) to launch a Dogecoin (DOGE) exchange-traded fund (ETF). The filing, an S-1 document dated January 28, signals Bitwise’s intent to offer a product that directly holds DOGE and tracks its price movements. Bloomberg ETF analyst James Seyffart first reported the development.

For the approval process to move forward, Bitwise must also submit a 19b-4 filing, which is necessary for the SEC’s review. The proposed ETF lists Coinbase Custody as the custodian, a common choice among crypto ETF issuers. However, Bitwise has not disclosed details such as the fund’s ticker symbol, fee structure, or the stock exchange where it would be listed if approved.

Bitwise’s move follows a prior registration in Delaware, reinforcing its commitment to bringing a Dogecoin ETF to market. This filing comes amid a growing number of memecoin ETF applications in the U.S., with firms such as Osprey Funds, REX Shares, and Tuttle Capital proposing funds tied to various meme tokens, including DOGE and Official Trump (TRUMP).

Unlike some other memecoin ETF filings, which were made under the Investment Company Act of 1940 (40 Act), Bitwise’s filing falls under the Securities Act of 1933 (33 Act). According to Bloomberg Intelligence senior ETF analyst Eric Balchunas, this distinction is significant. The 40 Act imposes stricter investor protections, including limitations on leverage and short-selling, while the 33 Act is typically used for commodity-based ETFs.

Dogecoin, initially created as a joke, has evolved into a widely recognized digital asset with a market capitalization of $47 billion, making it the eighth-largest cryptocurrency. The coin has gained traction due to social media influence and endorsements from figures such as Elon Musk. Despite growing institutional interest, Dogecoin’s price dropped 4% following the news, indicating investor caution.

The regulatory landscape for memecoin ETFs remains uncertain, especially given the SEC’s past reluctance to approve crypto-based