Home Cryptocurrency Meme Coin Wave Continues as Bitwise Files for Dogecoin ETF

Meme Coin Wave Continues as Bitwise Files for Dogecoin ETF

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Bitwise is the second asset manager this month to file for SEC approval for a Dogecoin ETF


Cryptocurrency asset manager Bitwise has revealed that it intends to launch an exchange-traded fund (ETF) tracking the price moves of Dogecoin (DOGE-USD).

The plans are disclosed in Bitwise’s Form S-1 filing with the Securities and Exchange Commission (SEC), published Tuesday. Form S-1 filings are required when a company seeks to have a new security listed on publicly accessible exchanges.

The asset manager hopes to make its Dogecoin-tracking fund available to the public “as soon as practicable”. The Form S-1 filing specifies the fund’s proposed name as the Bitwise Dogecoin ETF.

Bitwise might not be first to market with its proposed Dogecoin ETF. Earlier this month, Rex Shares and Osprey Funds filed for SEC approval of their own Dogecoin-tracking ETF, entitled the REX-Osprey DOGE ETF.

These filings for Dogecoin-tracking ETFs coincided with Donald Trump’s return to the White House in January, and with the appointment of pro-crypto Paul Atkins as SEC chairman.

James Seyffart, ETF analyst with Bloomberg Intelligence, argued that the filings look like “issuers pushing the envelope with a new SEC administration while at the same time trying a novel structure for providing exposure to digital assets in an ETF wrapper”.

As for Dogecoin itself, the meme token looks to still be among the most popular and best meme coins. Its profile, whether by happenstance or by design, was boosted when Trump established the Department of Government Efficiency or DOGE, which bears a resemblance to the DOGE token’s ticker symbol.

Analysis: The meme coin floodgates are opening in 2025

By itself, Bitwise’s filing for a Dogecoin-tracking ETF isn’t necessarily a watershed moment for meme coins. After all, Bitwise isn’t the first firm to file for this type of fund.

Nevertheless, this event supports the thesis that a new chapter in the history of meme coins will start in early 2025. It really wasn’t long ago that the SEC, which was headed by Gary Gensler but is now chaired by Trump pick Paul Atkins, was reluctant to approve spot Bitcoin ETFs.

Today, with Trump’s pro-cryptocurrency regulators in charge, it appears that the approval of Dogecoin-tracking ETFs is inevitable. At this point, it’s not a question of “if” but only of “when” and “how many” of these funds will compete for market share.

With that, Dogecoin may garner some measure of credibility in 2025. If so, then this credibility could spread to other meme coins, such as Shiba Inu (SHIB-USD) and Pepe Coin (PEPE-USD).

Let’s not get ahead of ourselves, though. Meme coins generally, including Dogecoin, are speculative, and their prices are often volatile.

Still, the floodgates are opening, and there’s no turning back now. The inevitable green-lighting of Dogecoin-tracking ETFs won’t convince everyone that meme coins are credible investable assets — though this event looks like a meaningful step towards acceptance among some fund managers, at the very least.

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David Moadel
Financial Writer

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