Bitwise Files for a DOGE ETF

Bitwise has submitted an S-1 registration statement to the SEC for a Dogecoin spot ETF, marking the second such filing with the regulator. This follows prior filings by REX Shares and Osprey Funds for ETFs tracking meme coins including Dogecoin, BONK, and another cryptocurrency.

Bitwise’s filing did not come as a surprise, given its previous Dogecoin Trust filing in Delaware. The company’s CIO, Matt Hougan, emphasized the significant market demand for Dogecoin, highlighting its position as the sixth-largest cryptocurrency by market cap and its daily trading volume exceeding $1 billion.

While the meme coin category often attracts controversy, the recent change in the presidential administration is expected to create a more favorable environment for DOGE ETF approvals. Moreover, the recent launch of the US Department of Government Efficiency (D.O.G.E.), which features the Dogecoin logo, has further bolstered investor confidence in the potential success of these ETFs.

However, some industry experts express concerns about the potential risks and speculative nature of meme coin investments.

In other news, Cboe BZX has issued a new set of filings for Solana ETFs from firms including Bitwise, VanEck, 21Shares, and Canary Capital.