Bitwise Submits Registration Filing for a Dogecoin Exchange-Traded Fund (ETF) as Memecoin Demand Grows

A "Bitwise Dogecoin ETF" was submitted late Wednesday and appeared on the Department of State's Division of Corporations in the U.S. state of Delaware.

A Bitwise dogecoin exchange-traded fund (ETF) is now in the registration phase as interest in the memecoin grows.

A "Bitwise Dogecoin ETF" was filed late Wednesday with the Department of State's Division of Corporations in Delaware. While such filings can sometimes be a hoax, Bitwise confirmed the registration in a message to The Block.

https://x.com/EricBalchunas/status/1882202309293433217

The filing follows several crypto exchange-traded fund (ETF) applications from investment managers Rex Shares and Osprey Funds, including one for dogecoin.

An ETF approval from regulators like the SEC would give dogecoin institutional approval, potentially attracting more conservative investors to the memecoin. Increased demand could drive up DOGE prices if the product captures even a small fraction of the inflows seen by bitcoin ETFs (over $50 billion in the past year).

DOGE is the world's largest memecoin, with a market capitalization of $52 billion as of Thursday. It has more than tripled in the past year as a speculative token that follows bitcoin's gains and, more recently, the creation of a Department of Government Efficiency in the U.S.

Abbreviated D.O.G.E, the non-governmental agency is led by technocrat Elon Musk and aims to reduce government spending while streamlining Federal worker operations. It was first proposed in mid-October and officially acknowledged during Donald Trump’s swearing-in ceremony on Monday.

D.O.G.E’s website briefly displayed a dogecoin token logo on Tuesday, which was later updated to display just its name. Still, the apparent connection to the memecoin has spurred demand among traders, who may use DOGE as a bet on the work the D.O.G.E agency does.