Bitwise eyes first Dogecoin ETF amid rising crypto ETF interest

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Bitwise Asset Management has set the stage for what could become its first Dogecoin-focused exchange-traded fund (ETF).

On Jan. 22, the firm registered a Delaware statutory trust with Delaware’s Division of Corporations, a common preparatory step for launching financial products.

Following the news, DOGE’s value fell by around 5% in the last 24 hours to trade at $0.35 as of press time, resulting in $11 million in trader liquidations, according to Coinglass data.

DOGE was also included in a series of filings by Rex Shares earlier this week for crypto ETFs, including TRUMP and BONK.

Dogecoin ETF

Although Bitwise has not released any official statement on the filing, analysts see this as an early-stage effort to introduce a Dogecoin ETF.

Market observers pointed out that Bitwise’s filing represents a common preliminary step in crypto ETF application processes.

Eric Balchunas, Bloomberg’s senior ETF analyst, described the move as significant and hinted at the possibility of an imminent application to the US Securities and Exchange Commission (SEC).

James Seyffart, another Bloomberg ETF analyst, also shared this view, clarifying on social media that this filing was not yet a formal submission to the SEC.

Dogecoin, which began as a joke, has since transformed into a prominent digital asset with a market capitalization of over $50 billion. Critics argue that memecoins like DOGE carry significant risks due to their speculative nature, raising questions about their suitability for institutional investors.

Polymarket data suggests a 48% chance of the SEC approving a Dogecoin ETF this year.

Year of ETFs

Bitwise’s registration comes amid a rising institutional appetite for crypto-related ETFs.

Data from Bloomberg reveals that 33 crypto ETFs are currently under review by the SEC. Balchunas believes the number of applications could rise further in the coming weeks, signaling growing demand for regulated investment options in the crypto market.

He wrote:

“33 crypto ETFs now currently filed with SEC, the list doubled since Gensler left… Won’t be surprised if it hits 50 within a week or two.”

However, despite the influx of filings, the Bloomberg analyst predicted that spot Bitcoin ETFs will dominate the market. These funds have proven their appeal, attracting around $40 billion in inflows and managing over $120 billion in assets since their introduction.

Balchunas added:

“It’s getting crazy but keep in mind that even if all this stuff is approved, THE BULK OF THE MONEY WILL STILL BE IN AND GO TO SPOT BITCOIN ETFS.”

The post Bitwise eyes first Dogecoin ETF amid rising crypto ETF interest appeared first on CryptoSlate.

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