Asset management firm Bitwise has made a bold move in its crypto ETF strategy by officially filing an S-1 registration statement with the U.S. Securities and Exchange Commission (SEC) for the Bitwise Dogecoin ETF. The proposed fund aims to provide direct exposure to Dogecoin (DOGE), the most recognized memecoin in the industry.
Bitwise Dogecoin ETF: A Game-Changer?
While the filing lacks a confirmed ticker symbol and a designated trading platform, Bitwise has stated that the fund will directly hold Dogecoin and determine its Net Asset Value (NAV) using the Dogecoin-Dollar settlement benchmark provided by CF trading platform. However, details such as the sponsor fee remain undisclosed.
The filing follows Bitwise’s recent legal entity registration for the DOGE ETF, which briefly boosted Dogecoin’s price. Bloomberg Senior ETF Analyst James Seyffart has weighed in on the development, asserting that a Dogecoin ETF is inevitable.
Growing Trend of Crypto ETF Filings
Bitwise’s filing comes amid a wave of crypto ETF proposals. Earlier this week, Tuttle Capital submitted a filing for a series of leveraged crypto ETFs, covering assets such as Solana, XRP, Litecoin, BONK, TRUMP, MELANIE, Chainlink, Polkadot, and Cardano. However, the firm withdrew its initial submission within 24 hours, subsequently refiling with an additional request for a BNB ETF.
The SEC has witnessed an increasing influx of crypto ETF applications, with asset managers exploring the agency’s stance under its evolving leadership. With pro-crypto regulators at the helm, analysts speculate that more digital asset ETFs could receive approval in the near future.
Which Crypto ETFs Have the Best Approval Odds?
Despite the growing number of filings, experts suggest that ETFs tracking Litecoin, XRP, and Solana have the highest likelihood of approval. These assets, backed by strong market capitalization and established ecosystems, already have Exchange-Traded Products (ETPs) tracking their price movements.
Also Read: Elon Musk Invites Dogecoin Founder to Join DOGE Panel, What’s Next for DOGE Price?
The SEC’s stance on crypto ETFs may further evolve under the leadership of Mark Uyeda and Hester Peirce’s crypto task force, which aims to streamline regulatory decisions. As the crypto market matures, investors and institutions eagerly await the SEC’s next move on these groundbreaking financial products.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.