Leading crypto asset manager Bitwise looks set to file for a Dogecoin ETF.
Just two years ago, getting a Bitcoin exchange-traded fund across the line seemed like an uphill task. After all, the industry had been trying for nearly a decade to no avail.
However, following the eventual approval of these products in January 2024, the floodgates now appear to have been opened for other crypto assets. Fast-forward just a year, and there is serious talk about meme coin ETFs. The latest asset manager to stoke this flame is the $10 billion crypto asset manager Bitwise.
Bitwise Takes First Step Towards Dogecoin (DOGE) ETF Launch
Leading crypto asset manager Bitwise may be set to file for a Dogecoin (DOGE) ETF.
On Wednesday, January 22, the firm registered a statutory trust in Delaware called “Bitwise Dogecoin ETF,” through the CSC Delaware Trust Company.
A Delaware statutory trust is a legal entity that offers a cost-efficient and regulatory-compliant structure for managing pooled funds like an ETF.
Specifically, it provides tax benefits and ensures the separation of the fund from the asset manager’s funds. As such, registering a Delaware statutory trust is often considered a key first step towards filing for an ETF.
Still, it should be considered a preparatory step only with no guarantee of a near filing.
Commenting on the development, Bloomberg Senior ETF analyst James Seyffart stressed that it is not yet an official ETF filing with the Securities and Exchange Commission. He highlighted that crypto asset manager CoinShares has a similar Dogecoin trust registration dating back to December 2024 but has yet to proceed with an official ETF filing.
Dogecoin (DOGE) ETF Coming Regardless?
Regardless of whether Bitwise moves ahead with an official filing in the near term, an official DOGE ETF filing is already on the SEC’s desk following a joint application from REX Advisers and Osprey Funds on Tuesday, January 21.
Analysts have noted that this REX-Osprey filing could launch as soon as April 2025. This is because the fund is filed under the 1940 Securities Exchange Act, which has a review period of only 75 days.
Good point on the Doge/Trump ETF filing, these are '40 Act filings and so (theoretically, if they aren't disapproved) could hit the market in early April (75 days after filing) and beat the XRP, Solana, Litecoin ETFs out bc those have to file 19b-4s which have a 240-day clock.… https://t.co/t5ftWo9ZKR
— Eric Balchunas (@EricBalchunas) January 21, 2025
For context, most other crypto ETF products are filed under the 1934 Securities Exchange Act, which has a 240-day review period.
The potential rush of Dogecoin ETF filings comes amid growing institutional demand for crypto and shifting regulatory winds under the Donald Trump administration.
Indeed, analysts have been anticipating DOGE ETF filings since at least November 2024. At the time, ETF Store President Nate Geraci described such a move as a “No brainer.”
Dogecoin is widely considered the first meme coin to launch. It is the largest crypto meme coin by market cap, with about $52 billion at the time of writing, making it the seventh largest crypto overall.
The recent chatter about a potential Bitwise ETF does not appear to have impacted DOGE’s price as it trades 5% lower on the day at $0.35 amid a broad market correction.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
