Bitwise has filed with the US Securities and Exchange Commission (SEC) to list an exchange-traded fund (ETF) that tracks the price movements of Dogecoin, the popular memecoin. The proposed Bitwise Dogecoin ETF would hold Dogecoin and aim to closely track the memecoin’s price fluctuations, according to the company’s Jan. 28 S-1 filing with the SEC.
Bloomberg ETF analyst James Seyffart shared on X that Bitwise filed to register a Dogecoin trust in Delaware on Jan. 22. He noted that this SEC filing makes the proposal official.
The filing adds to a growing number of crypto memecoin ETFs being submitted in the U.S. Other issuers like Osprey Funds, REX Shares, and Tuttle Capital have also pitched funds focused on tokens, including Dogecoin (DOGE) and even President Donald Trump’s memecoin, Official Trump (TRUMP). Seyffart mentioned that fund issuers are “testing the limits” of what the SEC will allow, especially after Tuttle filed for 10 leveraged ETFs focusing on cryptocurrencies and memecoins.
The Process and What’s Next
For Bitwise’s proposed Dogecoin ETF to move forward, the S-1 filing must be followed by a 19b-4 filing, which will begin the approval or denial process for the fund. Dogecoin, which launched in 2015, now has a market cap of $47 billion, making it the eighth-largest cryptocurrency.
Bitwise’s filing lists Coinbase Custody as the proposed custodian for the spot Dogecoin ETF, a popular choice among issuers of crypto exchange-traded products. However, the filing does not include details about the ETF’s proposed fee, ticker, or the stock exchange it would be listed on if approved.
This filing marks another step in Bitwise’s broader effort to diversify its offerings beyond its spot Bitcoin and Ether ETFs. The company has recently filed for additional products, including spot Solana and XRP ETFs. Bitwise also filed for a Bitwise 10 Crypto Index Fund in November, which would track the top 10 cryptocurrencies by market cap, including Cardano, Uniswap, and Polkadot.
As of the time of publication, Dogecoin had fallen 1.2% in the last hour and 3.3% over the last day, reflecting the broader downward trend in the crypto market.
Author’s Opinion
While Bitwise’s move to file for a Dogecoin ETF may be seen as an effort to capture attention in a rapidly changing market, it raises concerns about the potential volatility of memecoin investments. Dogecoin, despite its $47 billion market cap, remains highly speculative, and investors should be cautious about the risks involved in trading a memecoin ETF. There’s potential for massive returns, but the market is also prone to unpredictable swings. The fact that this ETF filing comes amid growing interest in memecoins and cryptocurrencies highlights the increasing demand for exposure to these assets, but it’s important to ensure that retail investors are fully aware of the risks they’re taking on.
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