Bitwise Files for Dogecoin ETF Amid Rising Memecoin Interest

January 29, 2025 by Bena Ilyas

• Bitwise filed an S-1 on Jan. 28 for a Dogecoin ETF, requiring a 19b-4 approval.

• Dogecoin’s market cap stands at $47 billion, ranking it as the eighth-largest cryptocurrency.

• DOGE dropped 4% post-filing, risking a 37% decline if it breaks $0.1905 support.

Bitwise has filed an S-1 with the U.S. Securities and Exchange Commission (SEC) to launch an exchange-traded fund (ETF) tracking Dogecoin (DOGE). The filing, submitted on January 28, seeks to establish an ETF that directly holds DOGE and mirrors its price fluctuations in the market.

Bloomberg ETF analyst James Seyffart revealed on X that Bitwise previously registered a Dogecoin trust in Delaware on Jan. 22. This development aligns with a broader trend of cryptocurrency fund issuers seeking regulatory approval for meme coin-related ETFs, including products focused on Dogecoin and other speculative digital assets.

Bitwise Dogecoin ETF Filing Requires 19b-4 Approval

The filing comes amid an influx of crypto memecoin ETFs in the U.S., with issuers such as Osprey Funds, REX Shares, and Tuttle Capital proposing funds that track memecoins, including DOGE and Official Trump (TRUMP). Tuttle recently filed for ten leveraged ETFs tied to major cryptocurrencies and memecoins, prompting discussions on the SEC’s stance regarding these investment vehicles.

Seyffart noted that fund managers are testing the SEC’s regulatory limits regarding crypto ETFs. To initiate approval, Bitwise’s application must be supplemented with a 19b-4 filing. Since its inception in 2015, DOGE has gained a $47 billion market cap, positioning itself as the eighth-largest cryptocurrency by valuation.

Bitwise has selected Coinbase Custody as the designated custodian for its proposed Dogecoin ETF, following a trend seen with other crypto-based exchange-traded products. However, the filing does not specify the ETF’s management fee, ticker symbol, or the stock exchange where it will be listed if approved.

Unlike other memecoin ETF proposals from Rex Shares and Osprey Funds, which were filed under the 1940 Act, Bitwise’s filing falls under the 1933 Securities Act. Bloomberg Intelligence analyst Eric Balchunas highlighted that the 1933 Act is typically used for commodity-based ETFs. In contrast, the 1940 Act offers stronger investor protections, restricting leverage and short-selling while enforcing stricter governance.

Dogecoin Price Faces 4% Drop After ETF Filing

The Dogecoin ETF filing signals Bitwise’s intent to expand beyond its existing spot Bitcoin (BTC) and Ether (ETH) ETFs. The firm has also submitted filings for spot Solana (SOL) and XRP (XRP) ETFs. In November, Bitwise sought approval for the Bitwise 10 Crypto Index Fund, which would track the ten largest cryptocurrencies, including Cardano (ADA) and Polkadot (DOT).

The S-1 filing is an initial step toward regulatory approval, but the more significant 19b-4 filing is required to propose rule changes at the stock exchange planning to list the ETF. The SEC would be bound by a strict timeline to approve or reject the application if approved.

Following the ETF filing, Dogecoin’s price dropped 4%, trading within a descending triangle on its daily chart. If DOGE breaks below the lower boundary of this formation, it risks a 37% decline, potentially reaching $0.1905. Support at $0.2106 could offer a temporary rebound, but indicators suggest continued bearish pressure.

Bitwise Files for Dogecoin ETF Amid Rising Memecoin Interest 3

The Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) are below neutral, reinforcing the downtrend. However, if DOGE closes above $0.4523 on the daily chart, it could invalidate the bearish outlook and spark a potential recovery.

Read More: Dogecoin’s $1 Prediction May Take Longer, But This AI Altcoin Could Hit $3 From $0.01 Sooner