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Coinpaprika 2025-01-29 08:10:56

Bitwise Seeks SEC Approval for First Physically-Backed Dogecoin ETF

Bitwise Asset Management has officially filed for a Dogecoin ETF with the US Securities and Exchange Commission (SEC). The application, submitted on January 28, follows a previous move to register a Dogecoin ETF through a Delaware trust. This is the second filing for a Dogecoin ETF in recent weeks, coming after Rex Shares' application for multiple meme coin ETFs, including DOGE, Bonk ( BONK ), and Donald Trump’s TRUMP token. Bloomberg analyst James Seyffart noted on X (formerly Twitter) that the filing was expected, as Bitwise had already registered the trust last week. However, what makes this filing unique is that it falls under the Securities Act of 1933 , ensuring a physically backed structure. This means that the ETF would hold actual Dogecoin, unlike funds filed under the Investment Company Act of 1940, which do not necessarily require direct ownership of assets. Eric Balchunas, a senior ETF analyst at Bloomberg, emphasized the importance of this distinction, explaining that Rex Shares’ filing was under the 1940 Act, making it structurally different from Bitwise’s physically backed proposal. In the filing, Bitwise has named Coinbase Custody as the custodian for the Dogecoin ETF. However, key details such as the proposed fee, ticker symbol, and listing exchange have not yet been disclosed in the S-1 form. Following the announcement, optimism surrounding the approval of a Dogecoin ETF surged. On the prediction platform Polymarket, betting odds jumped to a record 56% in favor of approval before settling at 55%. Bitwise’s move aligns with the growing trend of cryptocurrency ETF applications. The company has already launched spot Bitcoin (BTC) and Ethereum (ETH) ETFs and has filed for Solana ( SOL ) and XRP (XRP) ETFs. Meanwhile, its broader plan to introduce the Bitwise 10 Crypto Index Fund, which aims to track the ten largest cryptocurrencies by market capitalization, is still under SEC review. The regulator has delayed its decision on this proposal until March 2025.

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