Bitwise Files Application With SEC to Launch Spot ETF for Dogecoin (DOGE)

Crypto asset management giant Bitwise is hoping to launch a spot exchange-traded fund (ETF) for Dogecoin (DOGE).

Dogecoin price slipped below a crucial support zone on Monday, sparking fears among traders that the memecoin could be headed for further losses. At the time of writing, DOGE price was changing hands at $0.32, up 1.1% in the last 24 hours but down 1.7% over the past week. The world’s sixth-largest cryptocurrency by market cap has seen better days, with the memecoin now trading over 90% down from its all-time high.

But despite the lackluster price action, crypto asset management giant Bitwise is hoping to launch a spot exchange-traded fund (ETF) for Dogecoin (DOGE).

Bitwise filed an application with the U.S. Securities and Exchange Commission (SEC) to launch the top memecoin ETF.

In a new interview with the Financial Times, Bitwise’s chief investment officer Matt Hougan said that memecoins are an important aspect of the crypto industry and have strong investor interest.

“Memecoins are totemic artifacts of the emerging crypto culture. They are almost collectables in a sense and they are a way of expressing your affiliation with something. There are hundreds of millions of people who have a deep affinity with this culture. It’s an inherently digital culture where memes are extremely important to it. Is it any different from baseball cards or high art? No, it’s only different in form.”

He also predicts a large demand for a Dogecoin ETF product.

“The reality is that there are a lot of people that want to invest in Dogecoin. It’s the sixth-largest crypto asset in the world by market cap and it trades over $1 billion a day.”

The SEC approved spot ETFs for Bitcoin (BTC) and Ethereum (ETH) last year but after much uncertainty and multiple delays. Crypto insiders now believe the odds are greater that the SEC will approve ETFs for other digital assets after former SEC chair Gary Gensler, who was widely considered anti-crypto, has stepped down.

US President Donald Trump has nominated cryptocurrency advocate Paul Atkins to head the SEC.