Bitwise Asset Management has prepared what could be its first Dogecoin-focused exchange traded fund (ETF).
The company announced on January 22nd, Registered Delaware Statutory Trust with the Delaware Department of Corporations. This is a common preparatory stage for launching a financial product.
Following this news, DOGE's value has fallen by around 5% in the past 24 hours, trading at $0.35 at the time of writing, with traders liquidating $11 million, according to data from Coinglass. .
DOGE was also included in a series of filings by Rex Shares for crypto ETFs including TRUMP and BONK earlier this week.
Dogecoin ETF
Bitwise has not made any public statements regarding the filing, but analysts believe this is an early effort to introduce a Dogecoin ETF.
Market participants noted that Bitwise's application is a common preliminary step in the application process for crypto ETFs.
Eric Balchunas, senior ETF analyst at Bloomberg, said: explained The move was significant and signaled the possibility of an imminent filing with the U.S. Securities and Exchange Commission (SEC).
Another Bloomberg ETF analyst, James Seifert, shares this view. make clear On social media, the company claimed that the filing was not yet a formal SEC filing.
Dogecoin, which started as a joke, has since turned into a prominent digital asset with a market capitalization of over $50 billion. Critics argue that meme coins like DOGE carry significant risks due to their speculative nature, raising questions about their suitability for institutional investors.
Polymarket data It suggests a 48% chance that the SEC will approve a Dogecoin ETF this year.
ETF year
Bitwise’s registration comes amid growing demand from financial institutions for crypto-related ETFs.
According to data from Bloomberg, 33 crypto ETFs are currently under review by the SEC. Balciunas believes that the number of applications could increase further in the coming weeks, indicating a growing demand for regulated investment options in the crypto market.
he I wrote:
“There are currently 33 crypto ETFs filed with the SEC, and that list has doubled since Mr. Gensler left…I wouldn’t be surprised if it reaches 50 within a week or two.”
However, despite the influx of applications, Bloomberg analysts predicted that spot Bitcoin ETFs would dominate the market. These funds have proven their appeal, attracting approximately $40 billion in inflows since their introduction and managing more than $120 billion in assets.
Balciunas added:
“It’s getting crazy, but keep in mind that even if all of this were approved, the majority of funds would still be flowing in and going to spot Bitcoin ETFS.”
