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  • bitcoinBitcoin(BTC)$95,848.00-0.48%
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  • dogecoinDogecoin(DOGE)$0.258507-2.60%
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  • staked-etherLido Staked Ether(STETH)$2,744.773.09%

Push for Dogecoin ETF: Bitwise Leads Memecoin Investment Trend

Date:

Bitwise Pushes for a Dogecoin ETF Amid Growing Interest in Memecoin Funds

Bitwise Asset Management has taken a significant step toward establishing itself at the forefront of memecoin-based investment products. Earlier this month, the company registered a Dogecoin trust in Delaware, but its ambitions have now escalated with an official filing to the U.S. Securities and Exchange Commission (SEC) for a Dogecoin exchange-traded fund (ETF). This move underscores the growing interest in memecoins, a category of cryptocurrencies that initially gained fame for their playful origins but have since evolved into serious players within the digital asset space.

In its latest S-1 filing submitted on January 28, Bitwise proposed an ETF designed to track and reflect the price movements of Dogecoin (DOGE). This fund, if approved, would offer investors a simplified pathway to gain exposure to one of the crypto world’s most iconic assets. Notably, James Seyffart, a Bloomberg ETF analyst, commented on X (formerly Twitter) that while Bitwise had already filed paperwork for a Dogecoin trust on January 22, this latest filing makes their intentions “official with the SEC.”

This development is part of a broader wave of interest from various fund issuers in launching crypto-focused ETFs, including those dedicated to memecoins. Firms such as Osprey Funds, REX Shares, and Tuttle Capital have all been active in pitching memecoin-related investment vehicles, including funds tied to Dogecoin and even novelty tokens like Official Trump (TRUMP). Seyffart observed that these companies appear to be “testing the limits of what this SEC is going to allow,” especially in light of Tuttle Capital’s recent filings for ten leveraged ETFs designed to track both mainstream cryptocurrencies and niche memecoins.

For Bitwise, turning the possibility of a Dogecoin ETF into reality requires more than just the S-1 filing. The process must also include the submission of a 19b-4 filing, which formally initiates the SEC’s decision-making process regarding either the approval or denial of the ETF. The stakes are high, as Dogecoin commands a massive presence in the crypto space with a market capitalization of $47 billion. First gaining popularity as a joke when it launched in 2015, DOGE has since become the eighth-largest cryptocurrency worldwide, cementing its place as a notable digital asset.

To support this initiative, Bitwise has selected Coinbase Custody as the proposed custodian for the Dogecoin ETF. Coinbase Custody has built a reputation as a trusted name in the crypto industry and is frequently chosen by issuers of exchange-traded crypto products. However, some details remain undisclosed in the filing. Key aspects such as the ETF’s proposed fee structure, its ticker symbol, and the specific exchange on which it will be listed are notably absent, indicating that Bitwise may still be refining the finer points of its offering.

This move toward a Dogecoin ETF is the latest in a series of strategic maneuvers by Bitwise to diversify its portfolio of crypto-related investment products. While the firm currently offers ETFs focused on Bitcoin (BTC) and Ether (ETH), it has been actively working to expand its lineup. For example, Bitwise recently submitted filings for spot ETFs tied to other major cryptocurrencies, including Solana (SOL) and XRP. Additionally, in November, the company filed to list the Bitwise 10 Crypto Index Fund on NYSE Arca. This fund is designed to track the performance of the ten largest cryptocurrencies by market capitalization and includes assets such as Cardano (ADA), Uniswap (UNI), and Polkadot (DOT). Such endeavors highlight the firm’s commitment to catering to a broad spectrum of crypto investors with varied interests.

At the time of this article’s publication, Dogecoin was experiencing a slight dip in its price, down 1.2% over the past hour and 3.3% over the previous day. This decline is consistent with a broader pullback across the cryptocurrency market. Despite the short-term fluctuations, Bitwise’s focus on Dogecoin demonstrates a recognition of the memecoin’s enduring appeal among retail and institutional investors alike. By seeking SEC approval for a Dogecoin ETF, Bitwise is not only responding to market demand but also attempting to solidify its position as a pioneer in offering structured, regulated access to digital assets that continue to reshape the financial landscape.

Bitwise’s ongoing efforts to expand its product suite reflect an industry-wide acknowledgment that cryptocurrencies, including niche memecoins, are no longer mere speculative assets. Instead, they represent a growing sector rife with opportunities for investment and innovation. Whether or not the SEC greenlights this latest proposal, Bitwise’s push for a Dogecoin ETF signals a broader shift toward legitimizing memecoins within traditional financial markets.

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