Crypto asset manager Bitwise has submitted documents to launch an exchange-traded fund (ETF) tied to the price of dogecoin (DOGE), according to a filing with the U.S. Securities and Exchange Commission on Tuesday.
In Bitwise’s Jan. 28 S-1 filing with the SEC, the proposed Bitwise Dogecoin ETF would hold Dogecoin and closely track the meme coin’s price movements. The s-1 document is mandatory for firms seeking to issue new security and have it listed on a public stock exchange.
As per Bloomberg ETF analyst James Seyffart , Bitwise filed to register a Dogecoin trust in Delaware on Jan. 22.
But this makes it official with the SEC.
James Seyffart
Bitwise takes a different approach than Rex and Osprey in ETF filing
Investment managers Rex Shares and Osprey Funds recently submitted paperwork for several crypto ETFs, including Dogecoin and other meme coins.
However, Bloomberg Intelligence senior ETF analyst Eric Balchunas noted that Bitwise’s filing differs as it is filed under the ‘33 Act rather than the 40 Act, under which Rex and Osprey submitted their filings.
S-1s filed under the ‘33 Act are typically used for niche, commodity-based ETFs. In contrast, filings under the 40 Act provide stronger investor protection by requiring the issuer to comply with additional SEC rules. The 40 Act, for instance, restricts leverage and short-selling and enforces stricter fiduciary oversight and governance, among other provisions.
Bitwise named Coinbase Custody as the proposed custodian for the spot Dogecoin ETF, a preferred choice among issuers of crypto exchange-traded products.
Bitwise’s filing did not indicate the proposed fee and ticker for the ETF blank. Moreover crypto asset manager failed specify which stock exchange it would be listed on if approved.
Bitwise advances ETF applications as regulatory landscape shifts
The Dogecoin filing represents Bitwise’s latest attempt to expand beyond its current spot Bitcoin (BTC) and Ether (ETH) ETF offerings. Bitwise has also filed to list spot Solana (SOL) and XRP (XRP) ETFs.
In November, Bitwise filed to list the Bitwise 10 Crypto Index Fund on NYSE Arca. The fund would track the ten largest cryptocurrencies by market cap, including Cardano (ADA), Uniswap (UNI), and Polkadot (DOT).
While the S-1 document is an initial step in launching an ETF, the more significant filing is the 19b-4, which signals a requisite rule change at the stock exchange intending to list the investment and ties the SEC to a strict deadline.
While meme coin ETFs were once considered an unlikely investment vehicle under Gray Gensler’s SEC, which resisted spot bitcoin ETFs, their approval now seems more plausible following President Donald Trump’s inauguration.
Trump has advocated for crypto-friendly policies and launched his own meme coins, TRUMP and MELANIA, signaling the President’s apparent enthusiasm for meme coins.
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