Bitwise Files S-1 Form With the SEC for a Spot Dogecoin ETF

This request joins the previous ones submitted by Rex Shares and Osprey.

Bitwise has officially filed its form S-1 with the United States Securities and Exchange Commission (SEC) to issue its Dogecoin spot ETF.

This request from the largest cryptocurrency index fund manager in the world joins the previous requests already made by Rex Shares and Osprey Funds.

A few days ago, the investment managers filed the documents for several crypto ETFs, including dogecoin. However, Bloomberg's ETF expert Eric Balchunas pointed out that the two applications are different.

While the S-1 form for Bitwise's DOGE ETF was filed under the 33 Act, the one from Rex Shares and Osprey Funds is under the 40 Act, which requires adherence to stricter rules.

“The Bitwise Dogecoin ETF has been officially filed. This is the first dogecoin filing under the 33 Act (like $IBIT). Rex Shares filed once under the 40 Act, but this is not the same true blue physically backed structure.”

According to the report, S-1 filings under the 33 Act are typically used for niche ETFs based on commodities, while filings under the 40 Act offer greater protection to investors by requiring the issuer to comply with additional SEC rules.

The 40 Act, for example, limits leverage and short selling and requires, among other things, fiduciary oversight and stricter governance.

Bitwise is not new to the world of crypto ETFs. This official request for a Dogecoin ETF adds to the latest one from September 30, when Bitwise submitted its application for a Ripple (XRP) spot ETF.

Bitwise was also one of the very first 11 issuers of spot Bitcoin ETFs in the USA, which were approved on January 11, 2024. Its Bitwise Bitcoin ETF was listed on the NYSE, the New York Stock Exchange, with the ticker BITB.

Furthermore, its ETF on Ethereum spot was officially launched in the second half of July 2024. The Bitwise ETF Ethereum is also listed on the NYSE with the ticker ETHW.

This marks a new request for an ETF on DOGE, the memecoin par excellence and the crypto preferred by the well-known Elon Musk.

Currently, DOGE does not seem to be experiencing significant price volatility and the eighth crypto by market capitalization needs to regain ground. At the time of writing, DOGE is worth $0.33 and is in a price dump of -10% compared to seven days ago.

A curious fact that recently happened regarding DOGE and Elon Musk is the official launch of the website of the D.O.G.E (Department of Government Efficiency of which Musk is head), which initially displayed the logo of the memecoin’s dog.

After a few days, however, such logo was removed from the website, causing some pump and dump of DOGE's price.

DOGE reached its recent highs last December, when its price rose up to $0.47.