Bitwise Files for Dogecoin ETF

Bitwise Asset Management officially submitted a filing to the US Securities and Exchange Commission (SEC) on Tuesday for a Dogecoin exchange-traded fund (ETF).

Bitwise Asset Management has filed with the US Securities and Exchange Commission (SEC) to launch a Dogecoin exchange-traded fund (ETF).

The asset manager filed an S-1 form with the SEC on Tuesday, as spotted by Bloomberg analyst James Seyffart, who shared the news on X (formerly Twitter).

This marks the second filing for a Dogecoin ETF, following a similar move by Rex Shares last week.

Bitwise filed to register a Delaware trust for the ETF earlier this month.

“We knew this was coming because they filed to register the trust last week but this makes it official with the SEC,” Seyffart said.

With this move, Bitwise joins the league of asset managers submitting ETF applications for various meme coins. These applications follow increasing demand for meme coin ETFs among investors.

However, Bitwise’s filing has a unique aspect, as highlighted by Eric Balchunas, a senior ETF analyst at Bloomberg.

According to Balchunas, the filing was made under the Securities Act of 1933, which signifies a physically backed ETF.

“This is the first ‘33 Act (a la $IBIT) doge filing. Rex has on e filed under 40 Act but that isn’t the same true blue physically backed structure,” Balchunas wrote on X.

ETFs filed under the Securities Act of 1933 are distinct from those established under the Investment Company Act of 1940. While both types of ETFs trade on exchanges and offer investors exposure to a basket of assets, their underlying structures differ.

ETFs filed under the Securities Act of 1933 are typically designed to hold the underlying asset directly, whereas ETFs established under the Investment Company Act of 1940 may use various techniques to gain exposure, such as through derivatives or promissory notes.

In its filing, Bitwise has designated Coinbase Custody as the proposed custodian for its spot DOGE ETF.

However, the S-1 filing omits certain details, including the proposed fee, ticker symbol, and the stock exchange on which the ETF would be listed if approved.

Meanwhile, following Bitwise’s Dogecoin ETF filing, betting odds on the prediction platform Polymarket surged to a record high of 56% in favor of approval.

At the time of writing, the odds remained steady at 55%.

Bitwise’s move comes amid a rise in cryptocurrency ETF filings. The company has already launched spot Bitcoin (BTC) and Ethereum (ETH) ETFs.

Moreover, it has also filed applications for Solana (SOL) and XRP (XRP) ETFs.

notably, the SEC is yet to approve any ETF application for meme coins such as Dogecoin (DOGE) or Shiba Inu (SHIB).

However, the proposal for a Bitwise 10 Crypto Index Fund, which aims to track the performance of the ten largest cryptocurrencies by market cap, is still pending review.

The SEC has extended its review of the application until March 2025.