NYSE Arca Files a Proposal to List and Trade Shares of the Bitwise Dogecoin ETF

The New York Stock Exchange's NYSE Arca has officially submitted a proposal to list and trade shares of the Bitwise Dogecoin ETF.

The New York Stock Exchange’s NYSE Arca has officially submitted a proposal to list and trade shares of the Bitwise Dogecoin ETF. A 19b-4 filing was made on March 3 with the Securities and Exchange Commission (SEC), setting the stage for potential approval.

If given the green light, this would allow the ETF to offer direct exposure to Doge while being traded on a regulated exchange. Bitwise, the asset manager behind the proposed fund, has structured it to track its price without requiring investors to directly handle the cryptocurrency. According to the filing, the CF Dogecoin-Dollar Settlement Price will be used to calculate the fund’s Net Asset Value (NAV) on a daily basis. This pricing benchmark ensures the ETF accurately reflects Dogecoin’s market movements.

Growing Optimism for a Dogecoin ETF in 2025

Coinbase has been named as the official custodian for Dogecoin holdings, while Bank of New York Mellon will oversee cash custody, administrative duties, and transfer functions. Unlike traditional cryptocurrency investment models, this ETF will operate on a cash creation and redemption basis, meaning investors cannot deposit or withdraw directly.

This latest development follows Bitwise’s S-1 registration filing with the SEC in January, signaling its intent to bring a Dogecoin ETF to market. Approval would mark a significant milestone, making it one of the first memecoin-focused ETFs in the United States.

Betting markets are increasingly optimistic about the ETF’s approval prospects. Polymarket, a blockchain-based prediction platform, currently places the odds at 67%, up from 55% just a day prior. Bloomberg analysts are even more bullish, estimating a 75% chance of regulatory approval in 2025.

Dogecoin Price Slumps Despite Filing

Despite the growing excitement, DOGE’s market price has not responded positively. Following the NYSE Arca filing on March 3, the cryptocurrency dropped by more than 15%, sinking to $0.19. The broader crypto market has also suffered losses, erasing gains that stemmed from Donald Trump’s March 2 crypto-related announcement.

The regulatory environment for crypto-based ETFs is shifting, with multiple applications under review. The SEC’s decision on Grayscale’s Dogecoin Trust, acknowledged on February 13, is expected around mid-October, marking another key deadline for potential DOGE ETF approvals.

In a parallel development, Nasdaq has entered the race, submitting a proposal on March 3 to list the Grayscale Hedera Trust, which will track HBAR, the native token of the Hedera Network. A similar Hedera ETF, backed by Canary Capital, was filed in late February.

Surg in Crypto ETF Applications Continues

This surge in crypto ETF applications is not limited to Dogecoin or Hedera. Several issuers have submitted proposals for funds tracking popular altcoins like Solana (SOL), Cardano (ADA), Polkadot (DOT), Litecoin (LTC), and XRP. This wave of applications follows a crypto-friendly shift in regulatory attitudes, raising hopes for broader ETF approvals in the near future.