In a significant development for the cryptocurrency market, NYSE Arca has officially filed to list the Bitwise Dogecoin ETF. The exchange submitted a 19b-4 filing on March 3, initiating the approval process with the U.S. Securities and Exchange Commission (SEC). If granted, the ETF would provide both institutional and retail investors exposure to Dogecoin without directly holding the asset. Coinbase has been designated as the custodian, while the Bank of New York Mellon will oversee cash custody and administration.
Optimism for SEC Approval Grows
Market sentiment surrounding the approval of a Dogecoin ETF is on the rise. Prediction markets on Polymarket currently estimate a 67% chance of approval, while Bloomberg analysts place the odds at 75% by 2025. This growing confidence reflects an increasing regulatory acceptance of crypto-based investment products. However, the SEC’s stance remains uncertain, and the final decision could go either way.
NEW: @EricBalchunas and I took a look at the filings for spot crypto ETFs. We're putting out relatively high odds of approval across the board. Mainly focused on Litecoin, Solana, XRP, and Dogecoin for now.
— James Seyffart (@JSeyff) February 10, 2025
Here's the table with the odds and some other details: pic.twitter.com/xaXaNXLb0M
Dogecoin Price Declines Despite ETF Hype
Despite the enthusiasm, Dogecoin’s price has dropped over 15%, falling to $0.19 amid broader market volatility. Trading volume has also declined by 16.80%, indicating reduced investor activity. The downturn follows a temporary price boost fueled by Donald Trump’s recent crypto reserve announcement. However, as overall market conditions remain uncertain, speculation over an ETF alone has not been enough to sustain Dogecoin’s rally.
Altcoin ETFs on the Horizon
The push for regulated crypto investment products is not limited to Dogecoin. The Nasdaq has filed to list the Grayscale Hedera Trust, which would track HBAR’s price. Additionally, the SEC is evaluating ETF proposals for major altcoins, including Cardano (ADA), Solana (SOL), Polkadot (DOT), Litecoin (LTC), and XRP. This wave of filings signals a broader trend toward mainstream adoption of digital assets.
Also Read: Dogecoin at a Crossroads: Will DOGE Rebound or Drop Further?
The SEC is currently reviewing both Bitwise’s Dogecoin ETF and Grayscale’s Dogecoin Trust. A final decision on the Grayscale Dogecoin Trust is expected by mid-October, which could pave the way for increased institutional interest. However, until an approval is confirmed, Dogecoin’s price is likely to remain volatile.
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.
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