Bitwise Pursues SEC Approval for Dogecoin ETF with New Filing

Bitwise Asset Management has officially submitted a filing to the U.S. Securities and Exchange Commission (SEC) for the launch of a Dogecoin exchange-traded fund (ETF).

This development is the second such filing for a Dogecoin ETF, closely following a similar filing by Rex Shares last week.

On January 28, Bitwise filed an S-1 form with the SEC, seeking to introduce a Dogecoin ETF. This move follows an earlier application by the company to establish a Dogecoin ETF through a Delaware trust.

Bloomberg analyst James Seyffart highlighted that this filing formalizes Bitwise's intentions with the SEC, as indicated in a post on X (formerly Twitter).

By undertaking this action, Bitwise is aligning with Rex Shares, which has recently submitted ETF applications for several meme cryptocurrencies, including DOGE, Bonk (BONK), and Donald Trump’s TRUMP token.

However, Bitwise's filing is distinctive. Eric Balchunas, a senior ETF analyst at Bloomberg, noted the submission was made under the Securities Act of 1933.

“This is the first '33 Act (a la $IBIT) doge filing. Rex has one filed under the '40 Act, but that isn't the same true blue physically backed structure,” Balchunas stated on X.

This differentiation is significant. ETFs filed under the Securities Act of 1933 are physically backed, meaning they hold the actual underlying asset—here, Dogecoin.

Conversely, ETFs formed under the Investment Company Act of 1940 possess a different structure, which does not automatically include direct asset ownership.

Additionally, Bitwise has proposed Coinbase Custody as the custodian for its spot DOGE ETF in the filing. However, the S-1 lacks certain specifics, such as the proposed fee, ticker symbol, or the stock exchange where the ETF would be listed upon approval. Following Bitwise’s ETF filing, prediction platform Polymarket saw a rise in betting odds to 56% in favor of approval. As of the latest update, the odds remained steady at 55%.

Bitwise's initiative contributes to the growing trend of cryptocurrency ETF filings. The firm has already launched spot Bitcoin (BTC) and Ethereum (ETH) ETFs and has also filed for Solana (SOL) and XRP (XRP) ETFs.

Nevertheless, the proposal for a Bitwise 10 Crypto Index Fund is still under review. This fund aims to reflect the performance of the ten largest cryptocurrencies by market capitalization. However, the SEC has postponed its review of the application until March 2025.