Bitwise Takes First Step Toward Issuing Potential Dogecoin ETF

Asset manager Bitwise Asset Management has taken the first step toward issuing a Dogecoin (DOGE) exchange-traded fund (ETF), a day after REX Shares filed with the U.S. Securities and Exchange Commission (SEC) to issue a DOGE ETF.

Bitwise registered an entity called “Bitwise Dogecoin ETF” with the State of Delaware’s Division of Corporations Wednesday, registering the entity as a statutory trust.

With the move, Bitwise has at least completed the first step in possibly issuing a Dogecoin ETF and it will be among the first movers to make a filing for the said fund with a new SEC leadership.

Bitwise Moves Fast After REX Shares Filing

Bitwise’s entity registration in Delaware came just a day after the rising exchange-traded product (ETP) provider REX Shares filed with the SEC to issue a host of crypto ETFs, including a fund for Dogecoin, the world’s largest memecoin by market cap.

Unlike Bitwise, REX is already in the SEC stages of its application to become a DOGE ETF issuer, but Bitwise is in the right direction toward what could be an impending Dogecoin ETF launch.

Bitwise still needs to file the necessary documents – such as a prospectus – with the SEC and get approval after an arduous application process before it can actually issue a DOGE ETF even if it has already completed the preparatory step through its Delaware statutory registration.

Bitwise’s History of Crypto ETFs

Bitwise is known for its cryptocurrency ETFs, specifically funds for Bitcoin and Ethereum. It was among the U.S.-listed issuers that received a stamp of approval from the SEC in January 2024 to issue a spot Bitcoin ETF. It was also approved to issue its ETHW Ethereum ETF a few months later.

Considering Bitwise’s history of applying to be an issuer, it can be safe to say that the asset management firm may soon file a prospectus with the SEC.

The Case for Memecoin ETFs

Several asset managers and financial firms have already filed with the SEC for altcoin ETFs, including funds for Solana (SOL), Litecoin (LTC), XRP, and Hedera (HBAR). However, Bitwise is among the first movers for a memecoin ETF.

There are mixed reactions to how memecoin ETFs will affect the crypto market, with some saying it will “turn the stock market into the stonk market.” Others believe Donald Trump’s official memecoin launch only “put more positive attention” to the meme token space, suggesting that the memecoin ETF filings were triggered by Trump’s seeming embrace of the burgeoning blockchain segment.

It seems Dogecoin wasn’t affected by the news as the top meme token remains down by nearly 6% in the day as per CoinGecko data. The memecoin is also down 6% in the last seven days but remains unchallenged in terms of market cap with a valuation of nearly $52 billion as of early Thursday.