Dogecoin (DOGE) Spot ETF Timing: Bitwise Joins the Race

• Bitwise has officially filed an S-1 registration form for a spot DOGE ETF.
• S-1 forms provide comprehensive details on the securities offering; SEC reviews and approval periods can be extended up to 240 days.
• The first and only Dogecoin exchange-traded product is traded on a Swedish stock exchange.

Bullish sentiment around altcoin exchange-traded funds (ETFs) is reaching a fever pitch as the world’s favorite memecoin, Dogecoin (DOGE), could be a candidate thanks to Bitwise Asset Management.

Bitwise S-1

As per a Jan. 28 filing with the U.S Securities and Exchange Commission (SEC), Bitwise has officially submitted an S-1 registration form to create the Bitwise Dogecoin ETF.

The S-1 registration marks a significant step forward as it is a detailed and comprehensive overview of the proposed ETF.

The approval process can last weeks to several months as it may need to undergo rounds of reviews and adjustments.

That said, the S-1 is just one-half of the whole required to get the process officially underway.

An exchange, like Nasdaq or Cboe, must submit a 19b-4 filing to support the ETF’s listing.

This would then begin an initial 45-day review process with the SEC.

Dogecoin (DOGE) ETFs?

Now that Donald Trump has taken the White House with a pro-crypto Republican majority throughout the government, fund issuers are making ambitious strides in hopes that a change of guard at the SEC could pave the way for a spot DOGE ETF.

With a market cap of $48.22 billion at the time of writing, DOGE ranks 8th amongst the top cryptocurrencies in the world.

It’s considered the original memecoin or the token that popularized the category.

Created in 2013, DOGE bumbled along as an innocuous crypto creation from two software engineers with an amazing community behind it.

Then, in December 2020, Elon Musk’s “ One Word: Doge ” post sent the token’s  less than $2,000 trading volume into the stratosphere, launching DOGE into the mainstream.

Further posts from Musk, celebrities, and notable figures would continue to boost its popularity.

Somehow, DOGE has captured the hearts and minds of crypto to become one of the most recognizable brands, if you can call it that.

Beloved by all, it would appear that big money is eager to get in on the action as Bitwise Asset Management becomes the second to register for a spot DOGE ETF.

SEC Deadlines

Though the SEC aims to respond to S-1 registrations within 4 weeks, the review period can extend up to 240 days.

As seen with Bitcoin and Ethereum ETFs, there will be a back-and-forth between regulators and applicants as they tweak the offering to meet the SEC’s standards.

Under regulatory requirements, the SEC has 45 days from the date it receives Bitwise’s pending 19b-4 filing to respond to initial registration requests.

Exchanges have yet to submit this form.

This follows Bitwise’s registration with the state of Delaware, which sought permission to send its official DOGE ETF proposal to the SEC.

In short, the move allowed Bitwise to create a legal entity to manage the pending ETF.

Similarly, the first DOGE ETF registration filed on Jan. 21, 2025, from Osprey Funds and REX Shares, is also pending review.

Finally, applications for Ripple ( XRP ), Litecoin ( LTC ), and Solana ( SOL ) spot ETFs are pending decisions from the SEC. The first round of responses will be announced next week or so.

Launch Conditions

Regardless of how pro-crypto the new SEC is, it still has a fiduciary responsibility and won’t simply approve crypto ETFs on a whim.

There are a couple of very important points to consider when considering whether a spot DOGE ETF could or should be approved.

Firstly, an asset typically needs to be traded as a futures-based product for at least 18 to 24 months on U.S. stock exchanges.

Presently, there is just one DOGE exchange-traded product (ETP) from the Nordic fund issuer, Valour. It’s the first of its kind and launched on Sweden’s Spotlight Stock Market in November 2024.

Furthermore, some may argue that there could be a conflict of risk present as Dogecoin proponent Elon Musk is heading up the government’s Department for Government Efficiency ( or D.O.G.E ).

In the past, Musk’s actions online and in the real world have dragged DOGE through highs and lows, which could be detrimental to the long-term prospects of an institutional DOGE product.

At present, XRP and LTC are probably the best candidates to become the next spot crypto ETF. If either struggles to launch as an ETF, then the chances of a DOGE ETF may simply be a pipedream.