Connect with us

Hi, what are you looking for?

Bitwise
Bitwise

Cryptocurrency

Bitwise pushes for Dogecoin’s ETF approval with an SEC filing

Bitwise Asset Management has formally filed an S-1 with the Securities and Exchange Commission (SEC) for a spot Dogecoin exchange-traded fund. This move follows a previous registration in Delaware and indicates a rising interest in memecoin ETFs. If approved, the fund would provide investors with exposure to Dogecoin without requiring direct cryptocurrency holdings.

Bitwise Asset Management has filed an S-1 registration with the SEC, marking a crucial step toward creating a Dogecoin ETF. Published on January 28, the submission reveals Bitwise’s intention to launch a regulated financial product that directly monitors Dogecoin’s price.

Previously, on January 22, Bitwise established a Dogecoin trust in Delaware, hinting at future aspirations. With the SEC filing, the corporation has officially announced its move. Bloomberg ETF analyst James Seyffart stated that this move helps Bitwise’s case for regulatory clearance.

The Dogecoin ETF would allow investors to obtain exposure to Dogecoin price movements inside a structured and regulated environment. This technique eliminates the need for investors to handle crypto wallets or trade directly on cryptocurrency exchanges, making it more accessible to regular market players.

Bitwise has joined a growing group of financial managers fighting for a license to develop memecoin ETFs. Companies such as Rex Shares and Osprey Funds have also applied for ETFs that follow several cryptocurrencies, including Dogecoin and other popular digital assets. This rise in filings points to a broader market shift, as issuers test the SEC’s stance on memecoin-based financial products.

To ensure security and compliance, Bitwise has selected Coinbase Custody as the proposed custodian for their Dogecoin ETF. However, the S-1 filing lacks details about the proposed fee structure, ticker symbol, and stock exchange for the fund’s listing, should it receive approval.

Since its inception as a joke in 2013, Dogecoin has grown into a significant cryptocurrency, boasting a market valuation of over $47 billion. Despite its volatility and memecoin status, participation in an ETF may attract a new wave of institutional and retail investors.

Bitwise is actively extending its ETF products, having already launched spot Bitcoin and Ethereum ETFs. The business has also filed for Solana and XRP ETFs, strengthening its position in the crypto ETF industry.

As the SEC reviews this latest request, the conclusion may set a precedent for future memecoin ETFs. If approved, the Dogecoin ETF will open up a new investment opportunity for anyone seeking exposure to the popular digital asset through traditional financial markets.

author avatar
Contributor
We welcome Aspiring writers who are passionate about crypto and involved in it to join the Unbiased and Upright 4C Media Co. with a goal to spread knowledge and be a reliable source of crypto news updates.
Advertisement

You May Also Like

Business

A legal dispute has broken out over the US Treasury Department purportedly giving Elon Musk's Department of Government Efficiency (DOGE) unprecedented access to sensitive...

Business

Blocksquare has established a pioneering real estate tokenization framework in Luxembourg that combines blockchain technology with land registries to provide legally binding property rights....

Business

Telegram's choice to exclusively use The Open Network (TON) blockchain for Web3 services has sparked discussion in the crypto world. While some see it...

Cryptocurrency

The real-world asset (RWA) tokenization market has reached a record high of $17.1 billion onthe blockchain. RWA tokens have outperformed broader digital assets, indicating...

polkadot
Polkadot (DOT) $ 4.61 2.61%
bitcoin
Bitcoin (BTC) $ 97,596.15 0.32%
ethereum
Ethereum (ETH) $ 2,724.79 2.50%
cardano
Cardano (ADA) $ 0.729904 1.94%
xrp
XRP (XRP) $ 2.36 1.95%
stellar
Stellar (XLM) $ 0.325873 1.37%
litecoin
Litecoin (LTC) $ 105.21 0.38%