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Bitwise Paves the Way for Potential Dogecoin ETF

Writer's picture: Blockonome GnomeBlockonome Gnome

Early registration sparks excitement but regulatory hurdles remain.


Bitwise Paves the Way for Potential Dogecoin ETF

Bitwise Asset Management has taken a significant step toward the potential launch of a Dogecoin ETF by registering “BITWISE DOGECOIN ETF” as a statutory trust in Delaware. The move signals growing institutional interest in the cryptocurrency market and positions Dogecoin as a contender for mainstream investment products.


The registration, completed through CSC Delaware Trust Company in Wilmington, serves as an initial administrative measure rather than a formal Securities and Exchange Commission (SEC) filing. Bloomberg Senior Analyst James Seyffart clarified the nature of the filing on X (formerly Twitter), explaining, “This is just a registration for a trust. Assuming it’s real, it’s still not an official ETF filing with the SEC.”


Bitwise, which manages over $12 billion in crypto assets, has been expanding its product offerings and diversifying beyond Bitcoin and Ethereum. A source close to the matter confirmed that the firm is indeed exploring a Dogecoin ETF, though specific details remain confidential. The Delaware trust registration provides a framework for governance and tax benefits, a common preparatory step before formal applications for regulated financial products.


The announcement sent ripples through the cryptocurrency market, with Dogecoin’s price briefly spiking to $0.373 before settling at around $0.36. Data from Santiment showed that large holders, or "whales," accumulated nearly 590 million DOGE tokens within 24 hours of the news, highlighting strong investor interest.

Bitwise’s move aligns with a broader wave of institutional activity in the crypto ETF space. Asset managers like Rex Osprey and VanEck have also recently filed for crypto-related ETFs, indicating a surge in demand for regulated investment products tied to digital assets. Rex Osprey, which oversees $8 billion, has already submitted a filing for a competing Dogecoin fund, further underscoring the growing momentum for such products.


Bloomberg ETF analyst Eric Balchunas weighed in on the potential timeline, suggesting that a Dogecoin ETF could launch as early as April 2025, provided it clears regulatory hurdles. “This is real and not just a market manipulation scheme,” Balchunas stated, adding that the regulatory landscape for crypto ETFs has grown more favorable in recent months.


Technical analysts are optimistic about the price implications of a Dogecoin ETF. Popular trader Mikybull identified a bullish flag pattern that could propel DOGE to $2, while analyst Ali Martinez noted that approval of such a product would likely trigger significant upward price movement.


The news also coincides with broader institutional adoption of Dogecoin. The newly created U.S. Department of Government Efficiency (D.O.G.E.), established by executive order under President Trump’s administration, has prominently displayed the Dogecoin icon on its website. While symbolic, this development highlights the growing mainstream acceptance of the cryptocurrency.


Bitwise’s registration mirrors similar preparatory steps taken for previous crypto ETF filings, such as its Solana ETF application in late 2024 and the combination of its Bitcoin and Ethereum offerings earlier that year. While these moves are promising, the firm still faces the challenge of securing SEC approval, a process requiring detailed documentation and regulatory review.


As excitement builds, the potential for a Dogecoin ETF is emblematic of the increasing institutionalization of cryptocurrency. Whether this momentum can overcome the regulatory complexities ahead remains to be seen, but Bitwise’s move has undeniably reignited interest in Dogecoin as both a meme and a serious investment asset.


photo source / Blockonome

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Blockonome's content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.

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