Bitwise has officially filed with the U.S. Securities and Exchange Commission (SEC) to launch a spot exchange-traded fund (ETF) that tracks Dogecoin (DOGE). Earlier this month, they registered a Dogecoin trust in Delaware. Now, this latest filing makes their intentions clear.
The proposed Bitwise Dogecoin ETF aims to hold Dogecoin and follow its price movements closely. This information comes from Bitwise’s S-1 filing dated January 28. Bloomberg ETF analyst James Seyffart mentioned on X that the Delaware trust registration happened on January 22. This new filing solidifies their proposal with the SEC.
There’s been a surge of crypto memecoin ETFs filed in the U.S. Companies like Osprey Funds, REX Shares, and Tuttle Capital are all looking to launch funds that track or leverage tokens like DOGE and the Official Trump (TRUMP) memecoin.
Seyffart pointed out that fund issuers are testing the limits of what the SEC will allow. This comes after Tuttle filed for ten leveraged ETFs focused on popular cryptocurrencies and memecoins.
For the Dogecoin ETF to move forward, Bitwise’s S-1 filing must be paired with a 19b-4 filing. Since its launch in 2015, Dogecoin has reached a market cap of $47 billion, making it the eighth-largest cryptocurrency.
Bitwise has proposed Coinbase Custody as the custodian for the spot Dogecoin ETF. This is a common choice among issuers of crypto exchange-traded products. However, the filing did not specify the proposed fee or ticker for the ETF, nor did it mention which stock exchange it would be listed on if approved.
This filing is part of Bitwise’s ongoing efforts to diversify beyond their current spot Bitcoin and Ether ETFs. They have also recently filed for a spot Solana ETF and an XRP ETF.
In November, Bitwise submitted a proposal to list a Bitwise 10 Crypto Index Fund on NYSE Arca. This fund aims to track ten of the largest cryptocurrencies by market cap, including Cardano (ADA), Uniswap (UNI), and Polkadot (DOT).
As of this report, Dogecoin has seen a decline of 1.2% over the past hour and 3.3% over the last day. This drop reflects a broader downturn in the cryptocurrency market.