Bitwise Files for First Ever Dogecoin ETF

Bitwise Asset Management has filed for a Dogecoin ETF with the U.S. Securities and Exchange Commission (SEC), marking a significant step in the growing institutional interest in meme coins. The proposed ETF, the first of its kind under the '33 Act, aims to provide secure, physically backed exposure to Dogecoin (DOGE), a popular meme-based cryptocurrency.

The filing comes on the heels of Bitwise's Delaware corporate registration last week. ETF analyst Eric Balchunas noted that this is the first Dogecoin ETF registered under the '33 Act, making it a true physically backed structure. The move follows Rex Shares' filing last week for a series of ETFs targeting multiple digital assets, including Dogecoin, Solana, Ethereum, Bitcoin, XRP, Trump, and Bonk.

The proposed Bitwise Dogecoin 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. Despite the filing, Dogecoin's price remained stable at $0.32, showing no immediate reaction to the news.

Analysts attribute the muted market response to heightened caution, as the market has adopted a more cautious approach in recent months. The filing is a significant development in the growing institutional interest in meme coins, as it seeks to legitimize Dogecoin as a viable institutional-grade asset.