Bitwise Files for Dogecoin ETF on NYSE Arca

NYSE Arca has submitted a 19b-4 filing with the US Securities and Exchange Commission (SEC) to list and trade a Dogecoin (DOGE) exchange-traded fund (ETF) from Bitwise. The filing indicates that Coinbase Custody will act as the custodian, while the Bank of New York Mellon (BNY Mellon) will manage the cash holdings, administration, and record-keeping.

The 19b-4 filing for the Dogecoin ETF comes over a month after Bitwise filed an S-1 with the SEC. According to the filing, NYSE Arca proposes to list and trade shares of the Bitwise Dogecoin ETF under NYSE Arca Rule 8.201-E (Commodity-Based Trust Shares). The proposed ETF will hold Dogecoin as its main asset and determine its Net Asset Value (NAV) daily using the CF Dogecoin-Dollar Settlement Price, a standard pricing benchmark, ensuring the ETF's value closely tracks the market price of Dogecoin.

Bitwise is not the only entity seeking to launch a Dogecoin ETF. Grayscale and Rex Shares have also filed for a DOGE ETF, with Grayscale's proposal being further along in the regulatory process, as the SEC has already acknowledged its filing. Market sentiment toward a Dogecoin ETF approval in 2025 is turning increasingly optimistic, with the latest data from the prediction platform Polymarket indicating a 67% chance of approval, a substantial increase from 55% just a day earlier. Bloomberg analysts have also predicted a 75% chance of approval this year, suggesting that investor sentiment is shifting in favor of a regulated Dogecoin ETF entering the market this year.

Despite the growing optimism surrounding the potential approval of a Dogecoin ETF, broader macroeconomic conditions have weighed heavily on DOGE's price. At the time of writing, the meme coin traded at $0.19, reflecting a 15.79% drop in the past 24 hours. Trading volume has also taken a hit, showing a 16.80% decrease, signaling weakened market activity despite the ETF narrative.