Bitwise has officially submitted a registration application for a dogecoin exchange-traded fund (ETF) as memecoin demand grows in the market.
A “Bitwise Dogecoin ETF” was filed late Wednesday and appeared on the Department of State’s Division of Corporations in the US state of Delaware. Such applications can often be a spoof, but Bitwise confirmed the registration in a message to The Block.
https://x.com/EricBalchunas/status/1882202309293433217
It came as investment managers Rex Shares and Osprey Funds filed paperwork for several crypto exchange-traded funds (ETFs), including one for dogecoin.
An ETF approval by regulatory bodies like the SEC would give dogecoin institutional validation, potentially attracting more conservative investors to memecoin. Increased demand could drive up DOGE prices if the product captures even a small fraction of the inflows that bitcoin ETFs have seen (over $50 billion in the past year).
DOGE is the world’s largest memecoin with a market cap of $52 billion as of Thursday. It has more than tripled in the past year as a speculative symbol following bitcoin’s gains and the recent creation of a Department of Government Efficiency in the United States
Abbreviated as DOGE, the non-government agency is headed by technocrat Elon Musk and aims to reduce government spending while streamlining federal labor operations. It was first proposed in mid-October and was officially recognized during Donald Trump’s swearing-in ceremony on Monday.
DOGE’s website briefly displayed a dogecoin token logo on Tuesday, which was later updated to show only its name. Still, the apparent connection to the memecoin has spurred demand among traders who might be using DOGE as a bet on the work the DOGE agency is doing.
