Bitwise files for a Dogecoin (DOGE) ETF with US SEC

Bitwise Asset Management Files for Dogecoin ETF

Crypto fund manager Bitwise Asset Management has formally filed for a Dogecoin (DOGE) exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC).

Surge in Popularity

The filing follows DOGE's recent surge in popularity under the influence of "First Buddy" Elon Musk. Initially created as a satirical cryptocurrency, DOGE has become a symbol of financial innovation under the Department of Government Efficiency (D.O.G.E), led by former President Donald Trump.

Market Potential

Nate Geraci, President of ETF Store, expressed surprise at the lack of previous Dogecoin ETF filings. He noted DOGE's position as the seventh-largest cryptocurrency by market capitalization and its potential as a marketing win or a step towards SEC approval.

Regulatory Outlook

The filing coincides with growing optimism about regulatory reforms. "The hope is that [the new administration] moves quickly to designate which crypto assets are securities and which aren't," Geraci said. "Once that framework is in place, the approval path for additional spot crypto ETFs should become much clearer."