NYSE Arca has filed to list the Bitwise Dogecoin ETF, a significant step towards a regulated investment product for Dogecoin. The exchange submitted a 19b-4 filing on March 3rd, initiating the SEC approval process. Approval would offer institutional and retail investors direct Dogecoin exposure without needing to hold the asset directly. Coinbase will act as custodian, with Bank of New York Mellon managing cash custody and administration.

Rising Optimism for SEC Approval

Market confidence in a Dogecoin ETF is growing. Polymarket shows a 67% probability of approval, while Bloomberg analysts estimate a 75% chance by 2025. This reflects increasing belief in regulatory acceptance of crypto-based investment vehicles. However, SEC approval remains uncertain.

Dogecoin Price Drops Despite ETF Hype

Despite the optimism, DOGE has fallen over 15%, reaching $0.19, amidst broader market volatility. Trading volume also decreased by 16.80%, indicating weaker market activity. This decline followed the initial positive sentiment surrounding Donald Trump's crypto reserve announcement, highlighting that ETF speculation alone cannot sustain Dogecoin's price.

More Altcoin ETF Filings on the Horizon

The Nasdaq has also filed to list the Grayscale Hedera Trust (tracking HBAR), demonstrating continued interest in altcoin ETFs. The SEC is concurrently reviewing similar proposals for Cardano (ADA), Solana (SOL), Polkadot (DOT), Litecoin (LTC), and XRP, suggesting growing acceptance of memecoins and major altcoins within the regulated investment landscape.

What's Next?

With the SEC reviewing both Bitwise's Dogecoin ETF and Grayscale's Dogecoin Trust, the coming months are critical. A decision on the Grayscale Dogecoin Trust is expected by mid-October, potentially paving the way for Dogecoin's mainstream adoption as a tradable investment. Until approval is confirmed, however, price volatility is expected to continue.