Bitwise Takes Bold Step to Launch Dogecoin ETF

Bitwise Files Registration for Dogecoin (DOGE) ETF

Bitwise, a leading crypto index fund manager, has filed for registration in Delaware to establish a Dogecoin (DOGE) exchange-traded fund (ETF). Matt Hougan, Bitwise's Chief Investment Officer, confirmed this development to The Block, stating: "Yes, this application is ours."

Dogecoin Gains Traction

Dogecoin, initially created as a humorous digital currency in 2013, has recently garnered significant attention. Interest escalated when the U.S. Department of Government Efficiency (D.O.G.E.), launched during the Trump administration, displayed the Dogecoin logo on its official website.

High Demand for Dogecoin ETFs

Given Dogecoin's popularity and market value, industry experts believe an ETF application for the cryptocurrency was long overdue. Nate Gercai, president of ETF Store, expressed surprise at the lack of a previous Dogecoin ETF application, suggesting it could be a marketing expense at best or achieve significant success with SEC approval and Elon Musk's support.

Growing Trend of Crypto ETFs

Bitwise's move follows ETF applications from other companies like Osprey Funds and Rex Shares. Additionally, the U.S. Securities and Exchange Commission (SEC) has formed a crypto task force led by Hester Peirce, which may accelerate the approval of various crypto ETFs, including DOGE.

Market Performance

At the time of writing, DOGE's market price was trading slightly above $0.35, with a 4.44% drop over the past 24 hours. The popular altcoin's market capitalization remains around $54 billion.