Simply put
- Bitwise has revised its Dogecoin exchange-traded fund application.
- If the SEC doesn’t raise any issues, trading could commence in about 20 days.
- The first U.S. ETF offering exposure to Dogecoin launched in September.
Investors might be able to purchase shares in the Bitwise ETF that tracks the popular meme coin Dogecoin as early as the end of November, pending regulatory approval.
Recently, Bitwise removed a “delayed amendment” from its Dogecoin ETF’s S-1 registration statement, as noted in a filing with the U.S. Securities and Exchange Commission.
Should the SEC have no objections in the next 20 days, the registration will become effective automatically, allowing the ETF to launch.
The initial ETF, which offers U.S. investors access to DOGE, was launched by Rex Shares and Osprey Funds in September, amassing $17 million in trading volume.
According to Bloomberg data, over 90 applications for funds tracking different combinations of altcoins and tokens have been submitted by asset managers in both crypto and traditional finance sectors. The recent easing of listing standards by the SEC for commodity-based trusts has notably raised the likelihood of these products getting approved.
This filing comes on the heels of the notable success of Bitcoin and Ethereum ETFs from last year, which now manage around $150 billion and $20 billion in assets, respectively, highlighting the increasing demand for investment products centered on digital assets.
“Bitwise believes that investors ought to be able to invest in any asset they want, and we aim to provide a broad spectrum of options,” remarked Rick Edelman, a financial advisor and chairman of the Digital Asset Council of Financial Advisors.
He also mentioned that he anticipates altcoin funds will gather comparable asset amounts to Bitcoin ETFs, reflecting the performance of altcoins relative to major cryptocurrencies.
Currently, Dogecoin is trading at nearly $0.18 per coin, showing a significant increase of over 13% in the last 24 hours, according to CoinGecko. As the 10th largest cryptocurrency, it boasts a market cap of $25.4 billion but has struggled to surpass its all-time peak of $0.73 from 2021.
In a light-hearted response, Bitwise commented, “The only comment we can make is ‘woof woof.'”
