Bitwise has formally filed for a dogecoin exchange-traded fund (ETF), signaling growing interest in the memecoin sector as it becomes a more prominent part of the market.
The filing for the “Bitwise Dogecoin ETF” appeared late Wednesday on the Department of State’s Division of Corporations in Delaware, a step that is typically a precursor to an official submission to the U.S. Securities and Exchange Commission (SEC). While the filing could initially be seen as unofficial, Bitwise has confirmed the registration to The Block.
The Delaware registration serves as an early move before submitting an official ETF proposal to the SEC. It lays the groundwork for the entity that would manage the ETF, but it’s not yet the formal process for ETF approval.
This filing follows similar moves by investment firms like Rex Shares and Osprey Funds, which have also submitted paperwork for crypto-related ETFs, including one for dogecoin. If approved, the ETF could lend institutional legitimacy to dogecoin, potentially attracting more conservative investors into the memecoin market. Increased demand from such an ETF could drive DOGE prices higher, similar to the success of bitcoin ETFs, which saw over $50 billion in inflows last year.
Dogecoin, currently the largest memecoin with a market cap of $52 billion, has experienced a dramatic surge in value, more than tripling in the past year. It remains a speculative asset, often tracking bitcoin’s price movements, but it has also benefited from recent developments, including the establishment of the U.S. Department of Government Efficiency.
This non-governmental agency, known as D.O.G.E., is led by Elon Musk and aims to streamline federal operations and reduce government spending. Its website briefly showcased a dogecoin logo earlier this week, further fueling interest from traders who are increasingly viewing DOGE as a bet on the agency’s future initiatives.
