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Sujha Sundararajan
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Sujha Sundararajan
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Bitwise, the largest crypto index fund manager, has reportedly filed for a Dogecoin (DOGE) exchange-traded fund (ETF) in Delaware.
The company registered “Bitwise Dogecoin ETF” as a statutory trust on Wednesday through Delaware’s Department of State’s Division of Corporations. The firm’s chief investment officer Matt Hougan confirmed the news with the Block.
The move comes a day after US issuers REX Shares, and Osprey Funds filed with the SEC to launch seven new cryptocurrency ETFs including DOGE.
“This was from us,” said Matt Hougan, highlighting Bitwise’s first attempt to bring DOGE-focused ETF into the regulated US market.
However, the Delaware registration only represents an initial step toward what could be a Doge ETF launch by the SEC.
“This is just a registration for a trust. Assuming it’s real, it’s still not an official ETF filing with the SEC. At least not yet,” Bloomberg ETF Analyst James Seyffart wrote on X.
Interestingly, the analyst flagged that crypto ETP provider CoinShares had already registered for a Doge ETF, back in December.
Early this month, ETF Store President Nate Geraci expressed that surprisingly, “no issuer has filed for Dogecoin ETF.” DOGE, being the seventh-largest cryptocurrency by market capitalisation, would be a potential market win if the SEC approves it.
“Worst case, it’s a marketing expense for the issuer,” he wrote on X. “Best case, you get an extremely lenient SEC who approves it, along w/ Elon touting it.”
Besides, Santiment data reveals that there has been a rise in whale activity due to improving sentiment. The majority of holders have accumulated 590 million DOGE tokens in the past day.
Further, Matt Mena, Crypto Research Strategist at 21Shares believes that the newly established crypto task force, led by Commissioner Hester Peirce, could accelerate the approval of a broader range of crypto ETFs, including DOGE.
