Bitwise has officially submitted a registration filing for a dogecoin exchange-traded fund (ETF) as memecoin demand grows within the market.
A “Bitwise Dogecoin ETF” was filed late Wednesday and appeared in the Corporations Division of the Department of State in the US state of Delaware. Such filings can often be a spoof, but Bitwise confirmed the registration in a message to The Block.
https://x.com/EricBalchunas/status/1882202309293433217
That comes on the back of investment managers Rex Shares and Osprey Funds filing paperwork for several crypto exchange-traded funds (ETFs), including one for dogecoin.
ETF approval by regulatory bodies like the SEC would give dogecoin institutional validation, potentially attracting more conservative investors to memecoin. Increased demand could drive up DOGE prices if the product gets even a fraction of the inflows seen by bitcoin ETFs (over $50 billion last year).
DOGE is the world’s largest memecoin with a market capitalization of $52 billion as of Thursday. It has more than tripled in the past year as a speculative token following the gains of bitcoin and, more recently, the creation of a Department of Government Efficiency in the US
Abbreviated as DOGE, the non-governmental agency is headed by technologist Elon Musk and aims to reduce government spending while streamlining Federal worker operations. It was first proposed in mid-October and officially recognized at Donald Trump’s swearing-in ceremony on Monday.
The DOGE website briefly displayed a dogecoin token logo on Tuesday, which was later updated to show only its name. However, the apparent connection to memecoin has spurred demand among traders, who can use DOGE as a bet on the work being done by the DOGE agency.
