Bitwise Takes First Step Towards Dogecoin ETF
1min read Bitwise Asset Management has taken a significant step towards bringing the popular meme cryptocurrency, Dogecoin, to traditional investment markets. The company formally submitted its S-1 registration with the Securities and Exchange Commission (SEC) on January 28, 2025, for a spot Dogecoin exchange-traded fund (ETF). This filing marks a crucial step in the process of gaining regulatory approval for the first physically-backed Dogecoin ETF.
The S-1 filing represents Bitwise's official declaration of intent to offer a spot Dogecoin ETF, building upon their earlier groundwork laid through a Delaware registration on January 22. This development comes amidst growing institutional interest in providing regulated access to Dogecoin investments, as evidenced by similar filings from Rex Shares and Osprey Funds for multiple crypto ETFs, including Dogecoin.
The regulatory approach chosen by these firms differs notably. Bitwise opted to file under the Securities Act of 1933, commonly known as the "33 Act," which typically governs specialty ETFs and commodity-based products. In contrast, Rex Shares and Osprey Funds chose to file under the Investment Company Act of 1940, referred to as the "40 Act," which imposes more rigorous SEC oversight and includes stricter governance requirements.
A Dogecoin ETF would introduce several advantages for potential investors. The structure would enable exposure to DOGE's price movements within a regulated environment, eliminating the need for cryptocurrency wallets or direct interaction with crypto exchanges. This accessibility could attract traditional investors who have been hesitant to engage with cryptocurrency platforms. Additionally, the ETF format brings enhanced liquidity for traders and improved cost efficiency in managing positions, along with greater transparency in pricing and trading volumes compared to direct cryptocurrency investments.
The path to approval faces several challenges, however. Meme cryptocurrencies like Dogecoin have faced ongoing scrutiny due to their price volatility and perceived lack of fundamental value. Legal expert Max Buwick of Burwick Law expressed concerns on January 16, characterizing meme coins as problematic investment vehicles that may exploit investor enthusiasm. The timing of these filings coincides with broader changes in the cryptocurrency investment landscape, with the CEO of CryptoQuant noting that former President Trump's influence has ushered in a new era for meme coins, regardless of individual opinions on their merit 
