Crypto: Bitwise Files For A Dogecoin ETF With The SEC

Bitwise, a crypto asset management company, has recently filed a request with the Securities and Exchange Commission (SEC) to launch an exchange-traded fund (ETF) based on Dogecoin (DOGE). This initiative marks an important milestone for Bitwise, which had already registered a Dogecoin trust in Delaware earlier this month.

Towards a Dogecoin ETF? Bitwise challenges the SEC with a new application

Bitwise has recently filed a request with the SEC to launch an ETF tracking the price of Dogecoin, allowing investors to closely monitor the movements of this memecoin that is popular. The S-1 filing on January 28, 2025, from Bitwise occurs in a context where crypto ETFs, particularly those based on memecoins like Dogecoin, are gaining popularity.

Matt Hougan, the chief investment officer of Bitwise, stated: “many people want to invest in Dogecoin. It is the sixth largest crypto asset in the world by market capitalization and trades over a billion dollars a day.” This statement highlights the growing interest in cryptocurrency investments, despite the controversies often associated with memecoins.

However, this application is not without risks. As, Dogecoin has recently seen a 4% drop and could experience an additional 37% drop if it breaches a key support level, or if Bitwise’s request is rejected by the SEC.

A boost from the pro-crypto administration?

The approval of this Dogecoin ETF could still be facilitated by the current administration, which has shown a more favorable attitude towards cryptos. Indeed, the recent launch of the U.S. Government Efficiency Department (D.O.G.E.), featuring the Dogecoin logo, has bolstered investor confidence in the possibility of a swift approval of memecoin-based ETFs.

Bitwise’s filing for a Dogecoin ETF therefore represents a significant advancement in the field of crypto investments. If the ETF is approved, it could pave the way for a new era of investments based on memecoins, offering investors a unique opportunity to diversify their portfolios with popular digital assets.