Bitwise Asset Management has taken initial steps toward launching a Dogecoin (DOGE) exchange-traded fund (ETF).
The US-based crypto investment firm registered a legal entity, “Bitwise Dogecoin ETF,” sparking speculation about an official filing with the SEC.
New Trust Entity Registered
Bitwise registered a new entity in Delaware on Wednesday, named the Bitwise Dogecoin ETF, as a statutory trust.
Sponsored
For ETFs, organizing as a statutory trust simplifies management, ensures legal compliance, and protects investors from personal liability.
Bitwise Dogecoin ETF company registered in Delaware. Source: Delaware.org
The company itself has not commented on plans to file for a memecoin ETF. Meanwhile, market analysts remind that the trust registration is merely a registration for a trust, not an official Dogecoin ETF filing.
The move comes amid growing whale interest in Dogecoin, as large investors accumulated 590 million DOGE in a single day this week, according to Santiment data.
Dogecoin Still Anticipating Breakout
Following the news, DOGE’s price briefly spiked to $0.3699 on Thursday before falling 6.2% to $0.3468 lows amid a market-wide selloff, as per CoinMarketCap data.
Dogecoin price briefly spiked before falling to new lows on Thursday. Source: CMC
The famous memecoin saw a sharp price rise to $0.393 on Tuesday after the official website of the Elon Musk-led Department of Government Efficiency — an advisory commission under the new Trump administration — published the Dogecoin logo.
As of the time of writing, DOGE is showing signs of forming a falling wedge pattern, with analysts predicting a potential breakout to $0.39.
On the Flipside
- Donald Trump’s launch of his and Melania’s memecoins ahead of the inauguration has intensified market saturation, bringing in strong players who could keep drawing liquidity from the memecoin space.
Why This Matters
An approved Dogecoin ETF could boost institutional adoption and increase retail access, further strengthening DOGE’s market position.
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