Bitwise Files for Dogecoin ETF as Memecoin Market Gains Institutional Interest
Bitwise has officially submitted a registration for a Dogecoin (DOGE) exchange-traded fund (ETF), signaling the growing demand for memecoins as institutional interest in crypto assets continues to rise.
The “Bitwise Dogecoin ETF” registration was filed on Wednesday and appeared with the Delaware Division of Corporations. While such filings are typically early steps and may contain mock-up pages, Bitwise confirmed the registration in a statement to The Block.
This Delaware filing is a preliminary move before submitting a formal ETF application to the U.S. Securities and Exchange Commission (SEC). It establishes the legal framework for the ETF but does not imply that the SEC has approved or even received a formal request for approval.
This filing comes after Rex Shares and Osprey Funds also submitted applications for crypto ETFs, including one focused on Dogecoin. If the SEC grants approval, a Dogecoin ETF would provide institutional validation for the memecoin, potentially bringing in a wave of conservative investors. Given the success of Bitcoin ETFs, which have raised over $50 billion in the past year, DOGE could see significant price appreciation if even a small portion of that capital flows into the asset.
Currently, Dogecoin holds a market capitalization of $52 billion, making it the largest memecoin by market value. The coin has more than tripled in value over the past year, largely driven by speculation and its tendency to move with Bitcoin’s price fluctuations. Recent developments surrounding DOGE, including the creation of the Department of Government Efficiency (D.O.G.E.), have added further momentum to the token.
The D.O.G.E. agency, led by Elon Musk, aims to streamline U.S. government operations and reduce spending. It was proposed in October and formally acknowledged during Donald Trump’s inauguration ceremony on Monday. On Tuesday, the agency’s website briefly featured the Dogecoin logo before updating to just the D.O.G.E. name. This connection to the popular memecoin has sparked increased demand among traders, who may view DOGE as a potential beneficiary of the D.O.G.E. agency’s initiatives.
