Bitwise, a well-known crypto asset management firm, has taken an important step. They’ve filed for a Dogecoin ETF through a Delaware trust. This is just the beginning, though. They still need to submit a formal application to the SEC for approval.
There’s been a noticeable uptick in ETF filings since Gary Gensler stepped down as SEC Chair last Friday. Among these new applications, meme coin ETFs are really catching people’s attention. Recently, Rex Shares filed for ETFs that include TRUMP, BONK, and DOGE, along with Bitcoin and Ethereum.
Earlier today, BONK saw a price boost. Why? Increased investor interest following Rex Shares’ ETF filing. This rising demand hints at the potential for ongoing price momentum. If Dogecoin's ETF application gets the green light, it could experience similar price movements.
Back in September 2024, Matt Hougan from Bitwise shared his excitement about ETF opportunities for Solana and meme coins.
Interest in meme coins has surged lately. The launch of the TRUMP meme coin by the US President has played a significant role in this trend. Reports show that 40% of TRUMP coin buyers were new to crypto, which highlights how appealing meme coins can be to a broader audience. This might explain why companies like Bitwise are eager to develop an ETF for Dogecoin, a leading meme coin.
Meme coins are also making headway into institutional markets outside the US. Floki plans to launch an exchange-traded product (ETP) in Europe by early 2025.
Analysts are speculating that Litecoin could be the first altcoin after Ethereum to secure ETF approval. Nasdaq has already filed Form 19b-4 to list Canary Capital’s proposed Litecoin ETF. This aligns with Canary’s recent S-1 amendment and the SEC's feedback.
With Bitwise’s latest filing, it’s clear that asset managers are keen to introduce meme coins to retail investment markets soon.