NYSE Arca has submitted a proposal to the U.S. Securities and Exchange Commission (SEC) to list and trade shares of the Bitwise Dogecoin Exchange-Traded Fund (ETF). This is a significant step towards bringing Dogecoin into the regulated investment world.

The exchange filed a 19b-4 rule change seeking approval. If approved, the Bitwise Dogecoin ETF would allow investors exposure to Dogecoin without directly holding the cryptocurrency. Coinbase will serve as the fund's crypto custodian, while Bank of New York Mellon will handle cash custody, fund administration, and transfer operations.

Unlike spot Bitcoin ETFs which allow in-kind redemptions, the Bitwise Dogecoin ETF will use cash creations and redemptions. Investors will buy and sell shares with cash, not Dogecoin. Bitwise previously filed an S-1 registration statement with the SEC in January detailing their plans.

Approval would make this ETF one of the first U.S.-listed memecoin funds, providing regulated access to Dogecoin for institutional and retail investors.

This filing follows the SEC's acknowledgment of Grayscale's application for its Grayscale Dogecoin Trust on February 13th, initiating regulatory review. A decision is potentially expected around mid-October.

Similarly, on February 24th, the SEC acknowledged NYSE Arca's filing for a spot Cardano ETF, beginning review of the proposal to list Grayscale Cardano Trust shares.

Nasdaq is also expanding its crypto offerings. On March 3rd, they filed to list and trade shares of the Grayscale Hedera Trust (tracking HBAR), following a similar filing for a Hedera-related ETF from Canary Capital in late February.