NYSE Arca proposes rule change to list Bitwise Dogecoin ETF

The NYSE Arca has proposed a rule change to list and trade shares of a Bitwise Asset Management Dogecoin exchange-traded fund (ETF).

On March 3rd, the New York Stock Exchange subsidiary filed a 19b-4 form. Approval would allow the exchange to list the Bitwise Dogecoin (DOGE) ETF, providing direct exposure to Dogecoin.

Coinbase will serve as the Dogecoin custodian, while Bank of New York Mellon will handle cash custody, administration, and transfer agency functions. The ETF utilizes cash creations and redemptions; investors cannot directly contribute or receive Dogecoin.

Bitwise submitted an S-1 registration form to the Securities and Exchange Commission (SEC) in late January. Approval would make this one of the first US-listed memecoin ETFs, offering regulated Dogecoin access to institutional and retail investors.

(Screenshot from NYSE 19b-4. Source: NYSE)

Dogecoin prices did not immediately react to the filing and subsequently dropped over 15%, reaching $0.19. This decline coincided with a broader cryptocurrency market downturn, erasing gains from Donald Trump's March 2nd announcement regarding US crypto reserves.

On February 13th, the SEC acknowledged Grayscale's filings for the Grayscale Dogecoin Trust, initiating the review process. A potential decision deadline is estimated around mid-October.

Separately, Nasdaq filed a similar proposed rule change with the SEC on March 3rd to list and trade shares of the Grayscale Hedera Trust, tracking the price of HBAR (Hedera Network's native token). In late February, Nasdaq also filed to list a similar Hedera product from Canary Capital.

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