banner

Bitwise Files for Dogecoin ETF: What Investors Should Know

Bitwise Asset Management has officially filed for a Dogecoin exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC). This move follows a similar application from Rex Shares last week, signaling growing institutional interest in Dogecoin.

Bitwise Joins the Dogecoin ETF Race

On January 28, Bitwise submitted an S-1 filing to the SEC to launch a Dogecoin ETF. This follows its previous attempt to introduce a DOGE ETF through a Delaware trust.

Bitwise’s filing differs from Rex Shares’ approach. While Rex Shares applied for multiple meme coin ETFs, including Bonk (BONK) and Donald Trump’s TRUMP token, Bitwise is focusing solely on Dogecoin.

Physically Backed Dogecoin ETF Explained

One key aspect of Bitwise’s Dogecoin ETF is its filing under the Securities Act of 1933. According to Bloomberg ETF analyst Eric Balchunas, this classification means the ETF would be physically backed, holding actual Dogecoin.

This differs from ETFs under the Investment Company Act of 1940, which may not directly own the underlying asset. Bitwise has also designated Coinbase Custody as the proposed custodian for the DOGE ETF.

However, some details remain undisclosed, including the proposed fee, ticker symbol, and the exchange on which the ETF would be listed if approved.

Approval Odds and Market Reactions

Following Bitwise’s filing, Polymarket betting odds on DOGE ETF approval surged to 56%, reflecting growing optimism. Currently, the odds remain at 55%.

Odds Of Dogecoin ETF Approval. Source: Polymarket

This filing comes amid a surge in cryptocurrency ETFs. Bitwise has already launched spot Bitcoin (BTC) and Ethereum (ETH) ETFs and has applied for Solana (SOL) and XRP (XRP) ETFs.

Meanwhile, the Bitwise 10 Crypto Index Fund, which tracks the top ten cryptocurrencies, is still under SEC review. The decision has been extended until March 2025.

banner

Disclaimer: Not Investment Advice

it’s crucial to understand that the information provided here is not to be construed as investment advice. The crypto market is dynamic and highly speculative, and decisions should be made based on thorough personal research and consideration of individual risk tolerance. Always consult with financial professionals and conduct your own due diligence before making any investment decisions. The intention of this exploration is to present insights and trends, not to provide specific investment recommendations.

Follow Us

Top Selling Multipurpose WP Theme

Newsletter

Subscribe my Newsletter for new blog posts, tips & new photos. Let's stay updated!

banner

Crypto feed news

Our team of crypto enthusiasts and market mavens is on a mission to deliver the latest, juiciest, and most insightful updates from the ever-evolving world of cryptocurrencies.

@CryptoFeedNews 2023 All Right Reserved. Designed and Developed by TheDevThingz

Social Media Auto Publish Powered By : XYZScripts.com
Skip to content