Bitwise Asset Management has reportedly filed for a Dogecoin (DOGE) exchange-traded fund (ETF).
The company is said to have registered “BITWISE DOGECOIN ETF” as a legal entity with Delaware’s Department of State’s Division of Corporations, setting the stage for an official ETF filing with the SEC.
The development comes after US asset managers Osprey Funds and REX Shares are seeking to launch exchange-traded funds (ETFs) for meme coins including Dogecoin, Official Trump (TRUMP) and Bonk, according to a Jan. 21 regulatory filing.
A step closer to a DOGE ETF
Although the Delaware registration does not constitute an SEC filing, it represents a pivotal step in launching the first DOGE-focused ETF.
Typically, ETF issuers establish legal structures before submitting Form S-1 to the SEC.
According to Bloomberg ETF analyst Eric Balchunas, a DOGE ETF could be approved and launched as early as April 2025, provided the SEC gives the green light.
Bitwise’s Chief Investment Officer, Matt Hougan, confirmed the development to the BLOCK.
This initiative aims to capitalize on Dogecoin’s resurgence under the Trump administration, with growing institutional and retail interest in the Shiba Inu-themed cryptocurrency.
DOGE’s resurgence under the Trump era
Once a satirical cryptocurrency created in 2013 by Billy Markus and Jackson Palmer, Dogecoin has risen to prominence in recent years.
Under President Donald Trump’s administration, Dogecoin has become an unlikely symbol of financial innovation, with its logo prominently displayed on the website of the newly formed US Department of Government Efficiency (D.O.G.E.).
This resurgence, bolstered by influential figures like Elon Musk, has spurred bullish sentiment within the crypto community.
Nate Geraci, President of ETF Store, expressed surprise earlier this month, that no issuer had pursued a DOGE ETF sooner, noting its status as the seventh-largest cryptocurrency by market capitalization.
DOGE price reaction
Following the news, Dogecoin saw a 4% spike in value, reaching $0.373 before retreating to $0.36.
The meme coin currently trades 3% lower at $0.3559. Trading volumes for the coin have also dropped 68% to $2.87 billion.
Recent data reveals that wallets holding between 10 million and 1 billion DOGE have collectively added 590 million tokens in just 24 hours, bringing their combined holdings to 47.7 billion DOGE, roughly 30% of the cryptocurrency’s total supply.
This pattern of accumulation reflects strong bullish sentiment among large investors. However, the concentration of a significant portion of DOGE’s supply within a small group of wallets raises concerns.
While such whale activity can drive market trends and signal confidence, it also increases the risk of heightened volatility.
Large-scale token sell-offs by these holders could lead to sharp price fluctuations, impacting smaller investors and market stability.
The potential for an official SEC filing has further excited institutional and retail investors alike.
The resignation of former SEC Chair Gary Gensler has also fueled optimism around spot crypto ETFs.
A Dogecoin ETF would provide retail investors with streamlined access to the cryptocurrency while driving institutional adoption.
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