Bitwise Files for a Dogecoin Exchange-Traded Fund (ETF) with Delaware Authorities

The filing marks a significant step toward bringing the meme-inspired cryptocurrency into mainstream finance.

Bitwise Asset Management has filed for a Dogecoin exchange-traded fund (ETF) with Delaware authorities, a move that could bring the meme-inspired cryptocurrency into mainstream finance.

The filing, dated January 22 and spotted by The Block, shows that Bitwise, the largest crypto index fund manager, has registered the “Bitwise Dogecoin ETF” through Delaware’s Department of State’s Division of Corporations.

“This was from us,” Bitwise Chief Investment Officer Matt Hougan confirmed to The Block in an email on Wednesday evening.

Created by software engineers Markus and Jackson Palmer in 2013, Dogecoin entered the crypto scene as a joke. It gained fresh attention after President Donald Trump's administration formed the Department of Government Efficiency (D.O.G.E.), headed by Elon Musk, a known Dogecoin supporter.

The website of the newly formed department briefly featured the Dogecoin logo earlier this week, sparking speculation about potential government support, which comes as the new Trump administration has made several moves affecting the cryptocurrency sector.

As ETF Store President Nate Geraci pointed out earlier this month, the filing could be a strategic move. “Worst case, it’s a marketing expense for the issuer,” he said. “Best case, you get an extremely lenient SEC who approves it, along with Elon touting it.”

The filing also comes as Dogecoin continues to hold its position as the seventh-largest cryptocurrency by market capitalization. It currently trades around $0.35, showing resilience despite recent market downturns.

In the crypto ETF space, the competition is heating up. Just days before Bitwise's filing, both REX Shares and Osprey Funds filed proposals with the Securities and Exchange Commission (SEC) for ETFs tracking various cryptocurrencies, including Bitcoin, Ethereum, and XRP.

Market analysts remain cautiously optimistic about the approval chances, with Bloomberg ETF Analyst James Seyffart posting on X (formerly Twitter) that the Delaware registration is only an initial step. “This is just a registration for a trust. It’s still not an official ETF filing with the SEC,” he wrote.

However, the SEC's newly established crypto task force, to be led by Commissioner Hester Peirce, could play a role in the approval process. According to Crypto Research Strategist at 21Shares Matt Mena, this development might speed up the approval timeline for a range of crypto ETFs, including Dogecoin.

Crypto analyst Ali Martinez predicts that if the new SEC approves the spot ETF, the coin's price will skyrocket to $15.