Bitwise Applies for Approval to Introduce Dogecoin ETF

Bitwise Files for Dogecoin ETF as Memecoin Investment Interest Grows

Bitwise, a prominent crypto asset manager, has filed paperwork with the U.S. Securities and Exchange Commission (SEC) to launch an exchange-traded fund (ETF) that will track the price of Dogecoin (DOGE), as disclosed in a filing on Tuesday. The filing, an S-1 document, is a necessary step for companies looking to issue new securities and list them on a public stock exchange.

Bitwise joins other firms, such as Rex Shares and Osprey Funds, which have also filed for crypto ETFs, including Dogecoin, among other memecoins. However, Bitwise’s filing is unique as it was submitted under the ‘33 Act, while Rex and Osprey used the ‘40 Act, a distinction pointed out by Eric Balchunas, a senior ETF analyst at Bloomberg Intelligence.

The ‘33 Act is typically used for commodity-focused or niche ETFs, while the ‘40 Act is favored for its investor protection measures, such as stricter governance, fiduciary standards, and limitations on leverage and short-selling. The ‘40 Act also requires issuers to comply with additional SEC rules, offering more protection for investors.

Bitwise, known for its range of crypto ETFs, is also awaiting approval for an XRP ETF. While the S-1 filing is just the initial step in the process, the next crucial filing will be the 19b-4, which will request a rule change from the stock exchange to list the ETF and set a deadline for SEC review.

The concept of memecoin ETFs, once considered highly unlikely under the leadership of former SEC Chair Gary Gensler—who was known for his tough stance on crypto ETFs—has gained traction following President Donald Trump’s inauguration. Trump’s crypto-friendly stance and his involvement in the memecoin space, particularly through his own memecoins, TRUMP and MELANIA, have further fueled the potential for these types of investment vehicles.