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Bitwise Asset Management filed for a Dogecoin exchange-traded fund (ETF) with Delaware authorities on January 22. The filing marks a significant step toward bringing the meme-inspired cryptocurrency into mainstream finance.
As the largest crypto index fund manager, Bitwise registered the “Bitwise Dogecoin ETF” through Delaware’s Department of State’s Division of Corporations.
Matt Hougan, Bitwise’s Chief Investment Officer, confirmed the filing’s legitimacy to The Block. “This was from us,” he wrote to The Block on Wednesday evening.
Dogecoin, created by software engineers Markus and Jackson Palmer in 2013, first entered the crypto scene as a joke. It gained renewed attention following President Donald Trump’s creation of the Department of Government Efficiency (D.O.G.E.), which is led by Notable Dogecoin supporter Elon Musk.
Its website briefly displayed the Dogecoin logo earlier this week, further fueling speculation about potential government support. This coincides with several political developments by the new administration under Trump that have affected the cryptocurrency sector.
Nate Geraci, ETF Store President, pointed out the filing’s strategic value earlier this month. “Worst case, it’s a marketing expense for the issuer,” he explained. “Best case, you get an extremely lenient SEC who approves it, along with Elon touting it.”
The cryptocurrency’s market position adds weight to the ETF proposal. Dogecoin currently ranks as the seventh-largest cryptocurrency. Its market capitalization reaches approximately $52 billion. Additionally, its price stands at $0.35, showing resilience despite recent market fluctuations.
Competition in the crypto ETF space is intensifying. Just days before Bitwise’s filing, REX Shares and Osprey Funds submitted similar proposals to the Securities and Exchange Commission (SEC). Their applications include ETFs for various cryptocurrencies, including Bitcoin, Ethereum, and XRP.
Market analysts remain cautiously optimistic about the chances of approval. Bloomberg ETF Analyst James Seyffart posted on X (formerly Twitter) that the Delaware registration represents 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.
The SEC’s newly established crypto task force, led by Commissioner Hester Peirce, could be crucial in the approval process. Matt Mena, Crypto Research Strategist at 21Shares, suggests this development might speed up the approval timeline for a range of crypto ETFs, including Dogecoin. Crypto analyst Ali Martinez predicts its price will reach $15 if the new SEC approves the spot ETF.
The convergence of political support, institutional interest, and market demand marks a turning point for Dogecoin, transforming what began as a joke in 2013 into a serious contender in the regulated financial markets.
