Bitwise files for Dogecoin ETF to expand crypto offerings

Bitwise has officially filed with the U.S. Securities and Exchange Commission (SEC) to launch a spot Dogecoin (CRYPTO:DOGE) ETF, marking a significant step in the firm’s efforts to broaden its cryptocurrency investment products.

The proposed ETF aims to hold Dogecoin directly and track its price movements closely, as detailed in Bitwise's S-1 filing submitted on January 28.

Prior to this, Bitwise registered a Dogecoin trust in Delaware on January 22, which set the stage for this official SEC filing.

“But this makes it official with the SEC,” Bloomberg ETF analyst James Seyffart noted that this move makes Bitwise's intentions clear.

The Dogecoin ETF will require an accompanying 19b-4 filing to initiate the approval process.

With a market capitalisation of $47 billion, Dogecoin is currently the eighth-largest cryptocurrency since its inception in 2015.

Bitwise has proposed Coinbase Custody as the custodian for the ETF, a common choice among crypto exchange-traded products.

However, details regarding the ETF's ticker symbol and listing exchange remain unspecified in the filing.

This filing is part of Bitwise's broader strategy to expand beyond its existing Bitcoin (CRYPTO:BTC) and Ether (CRYPTO:ETH) ETFs, as well as its recent applications for spot Solana (CRYPTO:SOL) and XRP (CRYPTO:XRP) ETFs.

Despite the excitement surrounding the Dogecoin ETF application, DOGE has seen a decline of approximately 3.3% over the last day, reflecting a broader downturn in the crypto market.

As Bitwise continues to navigate regulatory processes, analysts remain cautious yet optimistic about the potential impact of a Dogecoin ETF on market dynamics.

The approval of such an ETF could enhance institutional interest in Dogecoin and potentially drive its price higher, similar to trends observed with Bitcoin ETFs in the past.

At the time of reporting, the Dogecoin (DOGE) price was $0.3224.