Dogecoin ETF may be coming soon, Bitwise files registration

Bitwise's Dogecoin ETF Application

On January 22nd, Bitwise Asset Management filed an application with the Delaware Department of State to register a Dogecoin (DOGE) exchange-traded fund (ETF). The application was submitted to the Division of Corporations and lists CSC Delaware Trust Company as the registered agent.

This application marks the initiation of the process to establish a Dogecoin ETF under Bitwise's management. Shortly after the news was released, Polymarket's betting poll on the likelihood of SEC approval for a Dogecoin ETF in 2025 rose to approximately 50%.

In recent trading, Dogecoin has experienced a slight decline of 3.18% to a trading price of $0.35. Over the past week, the Shiba Inu coin has decreased by nearly 7%. DOGE currently holds a market capitalization of over $52 billion and a 24-hour trading volume of $2.8 billion.

As reported earlier, Dogecoin's price movement has indicated potential signs of a bullish breakout amidst the ongoing crypto rally.

Concurrent Dogecoin ETF Filings

Two days prior to Bitwise's Dogecoin ETF application, REX Shares, another asset manager, filed for a Dogecoin ETF with the U.S. Securities and Exchange Commission (SEC). In addition to Dogecoin, REX Shares has also filed for ETFs linked to Bitcoin, Ethereum, XRP, Bonk, and Solana.

Analyst Commentary

Bloomberg's senior ETF analyst, Eric Balchunas, remarked on the emergence of Dogecoin ETFs as "surreal" in a recent X post. He had previously predicted that a Dogecoin filing would occur around the end of December.

Dogecoin's recent momentum has been influenced by President-elect Donald Trump's announcement of the Department of Government Efficiency, with the acronym "DOGE" serving as a direct reference to Dogecoin's ticker. The department was initially intended to be led by Elon Musk and Vivek Ramaswamy, but Ramaswamy has since stepped down, leaving Musk and his team in charge.