Dogecoin ETF Registered as Elon Musk’s D.O.G.E Gains Traction

Bitwise has filed for an official registration of a dogecoin exchange-traded fund (ETF). This submission was made in response to the increasing demand for memecoins within the market.

"Bitwise Dogecoin ETF" was submitted on Wednesday and appeared on the Division of Corporations in Delaware. Bitwise has confirmed this registration through a message to The Block.

This filing follows similar actions taken by investment managers Rex Shares and Osprey Funds, who have filed paperwork for several crypto exchange-traded funds (ETFs), including one for dogecoin.

Approval of an ETF by regulatory bodies such as the SEC would provide dogecoin with institutional validation, potentially attracting more conservative investors. Increased demand could drive up DOGE prices if the product captures even a small fraction of the inflows seen by bitcoin ETFs (over $50 billion in the past year).

DOGE is the world's largest memecoin, with a market capitalization of $52 billion as of Thursday. It has more than tripled in the past year as a speculative token that follows bitcoin's gains. Recently, the creation of the Department of Government Efficiency (D.O.G.E.) in the U.S. has also contributed to its growth.

Abbreviated as D.O.G.E., this non-governmental agency is led by Elon Musk and aims to reduce government spending while streamlining Federal worker operations. It was first proposed in mid-October and officially acknowledged during Donald Trump's swearing-in ceremony on Monday.

D.O.G.E.'s website briefly displayed a dogecoin token logo on Tuesday, which was later updated to display just its name. Nonetheless, the apparent connection to the memecoin has spurred demand among traders, who may use DOGE as a bet on the work the D.O.G.E. agency does.