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Bitwise Seeks First U.S. Dogecoin ETF

Coin WorldWednesday, Jan 29, 2025 6:05 am ET

1min read

Bitwise Asset Management, a prominent cryptocurrency investment firm, has taken a significant step towards launching the first Dogecoin exchange-traded fund (ETF) in the United States. The company filed its application with federal regulators on Tuesday, following the registration of a statutory trust in Delaware last week.

The proposed ETF would allow investors to gain exposure to Dogecoin’s price movements through traditional investment accounts. Dogecoin currently ranks as the eighth-largest cryptocurrency by market capitalization and trades at $0.32.

This development comes as digital asset-based investment vehicles continue to attract substantial capital. According to a recent Coin Shares report, crypto-focused funds have already drawn more than $4 billion in investments during the first weeks of 2025.

The groundwork for the Dogecoin ETF was laid when Bitwise registered the “BITWISE DOGECOIN ETF” as a statutory trust through CSC Delaware Trust Company in Wilmington. This legal structure serves as the foundation for the company’s formal application to the Securities and Exchange Commission (SEC).

If approved, the Dogecoin ETF would join Bitwise’s existing crypto investment products, including their Bitcoin ETF and Ethereum ETF, which already trade on U.S. stock exchanges. The company has also filed applications for Solana and XRP-based ETFs.

The regulatory environment for cryptocurrency investment products has evolved notably in recent months. The SEC approved Bitcoin and Ethereum-based ETFs in early 2024, opening the door for institutional investors to enter the digital asset market through regulated vehicles.

Market activity around Dogecoin has remained active, with the cryptocurrency reaching a three-year high of $0.475 in November 2024. This peak coincided with increased social media activity from Elon Musk regarding his D.O.G.E. initiative.

The SEC typically takes 45 days to make an initial decision on ETF applications, though this period can be extended multiple times up to 240 days from the filing date. This timeline suggests a decision on the Dogecoin ETF could come as early as March 2025.

Market analysts have shared varying predictions for Dogecoin’s price trajectory. Some technical analysts suggest potential price movements above $2, based on historical patterns and market indicators.

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