Bitwise Files for a Dogecoin ETF with the NYSE Arca

Bitwise, a prominent asset manager with over $12 billion worth of client assets, is officially moving ahead with its Dogecoin Trust.

Asset manager Bitwise is the latest contender for a Dogecoin ETF after the NYSE Arca submitted a 19b-4 application to the US SEC.

The asset manager, which manages over $12 billion in client assets, is pressing ahead with its Dogecoin Trust.

On Monday, the New York Stock Exchange (NYSE) subsidiary, NYSE Arca, filed a 19b-4 form with the US Securities and Exchange Commission.

Annually, the NYSE subsidiary requests a rule change to list and trade shares of the Bitwise Dogecoin ETF. This traditional investment vehicle would track Dogecoin’s performance using the CF Dogecoin-Dollar Settlement Price as a benchmark and provide alternative exposure to institutions and retailers.

This move comes after Bitwise took preliminary steps to launch the product amid surging institutional demand for Dogecoin, the largest meme coin by market cap.

Earlier this year, the asset manager registered the Bitwise Dogecoin ETF with the CSC Delaware Trust Company.

Afterward, Bitwise submitted an S-1 filing through the NYSE to the US SEC, seeking to provide the investment vehicle to its clients. Notably, these two steps do not constitute an official intent for the asset manager’s rule change ploy.

However, the NYSE filed the 19b-4 application with the Wall Street securities watchdog on Monday, seeking to list and trade shares of the Bitwise Dogecoin Trust. According to the filing, Coinbase will be the exchange custodian of the Dogecoin Trust, while leading custodian bank BNY Mellon will follow through on cash holdings.

The NYSE also classified the fund as a commodity-based trust share, aligning with the SEC’s disposition toward Dogecoin.

Earlier this year, the regulator mentioned that meme coins are not covered by the US federal securities law and do not fall under its purview.

This application makes it the third Dogecoin ETF on the SEC’s table this year.

Last year, asset managers would have deemed such a product unthinkable under the Gary Gensler-led administration.

However, the easing regulatory environment has spurred a barricade of altcoin ETFs with meme coins in the mix.

Prominent asset manager Grayscale has filed for and seen its application for a Dogecoin ETF acknowledged by the US SEC.

Meanwhile, market watchers have grown increasingly confident that the SEC would approve an altcoin spot ETF this year, with the Litecoin, Hedera, and Dogecoin ETFs leading the race.