Towards a Dogecoin ETF? Bitwise challenges the SEC with a new application

Bitwise has recently filed a request with the SEC to launch an ETF tracking the price of Dogecoin, allowing investors to closely monitor the movements of this memecoin that is popular.

Crypto asset management company Bitwise has filed a request with the Securities and Exchange Commission (SEC) to launch an exchange-traded fund (ETF) based on Dogecoin (DOGE). This move follows Bitwise’s registration of a Dogecoin trust in Delaware earlier this month.

The S-1 filing on January 28, 2025, from Bitwise comes as crypto ETFs, especially those tracking memecoins like Dogecoin, are gaining traction.

“There are a lot of people who want to invest in Dogecoin. It's the sixth-largest crypto asset in the world by market capitalization and trades over a billion dollars a day,” said Matt Hougan, Bitwise's chief investment officer, regarding the popularity of the memecoin among investors.

However, this application comes with its own set of risks. Dogecoin has recently seen a 4% drop and could face a further 37% decline if it breaches a key support level or if the SEC rejects Bitwise’s ETF application.

Could the pro-crypto administration help?

The approval of this Dogecoin ETF could be aided by the current administration's more favorable stance on crypto.

Recently, the U.S. Government Efficiency Department (D.O.G.E.) was launched, featuring the Dogecoin logo, boosting investors' optimism regarding a potential swift approval of ETFs tracking memecoins.

Hence, Bitwise’s filing for a Dogecoin ETF marks a key development in the realm of crypto investments. If approved, it could herald a new era of memecoin-based ETFs, presenting investors with a unique avenue to diversify their portfolios with popular digital assets.

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