Meme Coin ETFs Are Gaining Attention

A surge in ETF filings has emerged since Gary Gensler stepped down as SEC Chair last Friday. Among these filings, meme coin ETFs are capturing significant interest.

Crypto asset management firm Bitwise has filed to launch a Dogecoin ETF via a Delaware trust.

The move begins the process of registering the trust, which still needs to formally file with the SEC for approval.

Meme Coin ETFs Gaining Attention

A flurry of ETF filings have emerged since SEC Chair Gary Gensler stepped down last Friday. Among these filings, meme coin ETFs are notably gaining attention.

Rex Shares filed for ETFs covering TRUMP, BONK, and DOGE, along with Bitcoin and Ethereum ETFs.

Earlier today, BONK saw a price surge amid increased investor interest following the Rex Shares’ ETF filing. The rising demand for BONK signals the possibility of sustained price momentum. Dogecoin could witness similar price action if its ETF application gains approval.

Back in September 2024, Bitwise’s Matt Hougan expressed optimism about ETF opportunities for Solana and meme coins.

Institutional Interest in Meme Coins Growing Rapidly

Interest in meme coins has grown significantly in recent days. The launch of the TRUMP meme coin by the US President has played a major role in this trend.

Reports show that 40% of TRUMP coin buyers were first-time crypto investors, highlighting the appeal of meme coins beyond the crypto sector. This could explain why firms like Bitwise are moving quickly to develop an ETF for Dogecoin, a leading meme coin.

Meme coins are also entering institutional markets outside the US. Floki also plans to launch an exchange-traded product (ETP) in Europe by early 2025.

Meanwhile, analysts believe Litecoin could become the first altcoin after Ethereum to secure ETF approval. Nasdaq has already filed Form 19b-4 to list Canary Capital’s proposed Litecoin ETF. This filing aligns with Canary’s recent S-1 amendment and feedback from the SEC.

Overall, with Bitwise’s latest filing, it's clear that asset managers are looking to bring meme coins to the retail investment markets soon.