Bitwise Seeks SEC Nod for Dogecoin ETF

Bitwise Files for Dogecoin Spot ETF with SEC

Bitwise Asset Management has submitted an application to the U.S. Securities and Exchange Commission (SEC) to launch an exchange-traded fund (ETF) that tracks the price of Dogecoin. According to the S-1 filing submitted on January 28, the proposed Bitwise Dogecoin ETF will hold Dogecoin and closely track its price.

Bloomberg ETF analyst James Seyffart stated that Bitwise had applied to register a Dogecoin trust fund in Delaware on January 22. However, this new submission represents a more robust approach to SEC compliance, potentially paving the way for broader institutional acceptance of cryptocurrencies within regulated investment vehicles.

The SEC's response to this anticipated ETF will be closely monitored by investors, as it could influence market dynamics for Dogecoin and the wider cryptocurrency sector. As a memecoin, Dogecoin has a market cap of nearly $2 billion and is the 8th largest crypto by market cap, priced at $0.32 as of press time.

Bitwise CIOMatt Hougan recently told the Financial Times that Dogecoin's market cap and liquidity justify its inclusion in an ETF. The SEC's new administration may treat Dogecoin-related products differently, potentially leading to a more favorable outcome for the proposed ETF.