Crypto index fund manager Bitwise has submitted a registration filing for a potential Dogecoin exchange-traded fund (ETF), indicating growing interest in crypto ETFs.
Trump’s pro-crypto administration and a positive regulatory shift have prompted a glut of ETF applications, with analysts predicting more applications and approvals ahead.
Bitwise Planning Dogecoin ETF
The crypto index fund manager submitted its registration to the Delaware Department of State’s Division of Corporations on January 23. The filing was confirmed by Matt Hougan, the Chief Investment Officer at Bitwise. Following the news, Dogecoin registered a sharp jump, rising to $0.373 before settling at $0.36. The filing comes at a crucial time for crypto regulation in the US. President Donald Trump has promised regulatory clarity and a crypto-friendly administration. The appointment of Mark Uyeda as interim SEC Chair highlights the administration’s commitment to crypto regulation.
Only A Matter Of Time
Dogecoin is widely regarded as the first meme coin, created in 2013 by Billy Markus and Jackson Palmer. The token has generated significant attention in recent weeks following the establishment of the Department of Government Efficiency (DOGE) under Elon Musk. Many speculated it was only a matter of time before a sponsor filed for a Dogecoin ETF. ETF Store President Nate Gercai said in a post on X,
“I remain shocked that no issuer has filed for Dogecoin ETF, 7th largest digital asset by market cap. Worst case, it’s a marketing expense for the issuer. Best case, you get an extremely lenient SEC who approves it, along with Elon touting it.”
Geraci also believes a change in administration and a friendlier administration will see a wave of applications and approvals.
“I think everything is on the table moving forward with the new administration.”
Bloomberg Senior ETF analyst Eric Balchunas speculated about a Dogecoin ETF in November 2024, stating that someone could try it in the future.
“Today’s satire is tomorrow’s ETF. You could ask yourself, ‘Is DOGE a bridge too far?’ and I would say we’ll see. I think someone’s gonna try it because why not.”
More ETFs In The Pipeline
The crypto space has seen several positive developments since Trump’s inauguration. Osprey Funds and Rex Shares also submitted several ETF proposals, including a DOGE ETF. Additionally, it was announced the SEC’s Hester Pierce would be leading a crypto task force to draft a clear regulatory policy for crypto. Matt Mena, Crypto Research Strategist at 21Shares, believes establishing a crypto task force could accelerate the approval of an array of crypto ETFs.
“The newly established crypto task force, led by Commissioner Hester Peirce, could accelerate the approval of a broader range of crypto ETFs, including SOL, XRP, LTC, DOT, and DOGE.”
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
