Bitwise Files for Spot Dogecoin (DOGE) ETF

The world’s largest crypto scale money manager, Bitwise, has officially filed for a Spot Dogecoin (DOGE) ETF, according to a new SEC filing. Bitwise joins Rex Shares and Osprey arsenic the latest applicant for a DOGE ETF, looking to adhd to its existing Bitcoin and Ethereum ETF offerings. “When the Trust creates oregon redeems its Shares, it volition bash truthful successful blocks of 10,000 Shares (each, a “Basket”) based connected the quantity of Dogecoin attributable to each Share of the Trust (net of accrued but unpaid expenses and liabilities) multiplied by the fig of Shares (10,000) comprising a Basket (the “Basket Amount”),” the filing reads.

JUST IN: Bitwise files for spot Dogecoin $DOGE ETF.

The improvement is presently touted arsenic highly bullish. Dogecoin successful the signifier of an ETF has been requested for years owed to DOGE’s unthinkable token popularity. If approved by the US SEC, the improvement tin beryllium incredibly bullish for the meme coin, helping it assertion caller surging highs.

Dogecoin is gaining immense momentum owed to its beardown relation with Tesla main Elon Musk. Musk’s starting to pb the Department of Government Efficiency, known arsenic D.O.G.E, has besides credibly bolstered the token’s popularity. In his inaugural session, Musk uttered a astonishing operation stating however helium intends to instrumentality “DOGE to Mars.” This condemnation was met with large ambiguity, helping the token summation much strength.

Also Read: Dogecoin: How To Become A Millionaire With DOGE By 2030?

Bitwise to Add to Current Crypto Offerings with Dogecoin ETF

Bitwise already offers six crypto-focused ETFs. The plus manager’s existent 7 ETFs are valued astatine $2.82 billion. The latest DOGE ETF is expected to person overmuch less hurdles to surpass though compared to erstwhile applications. That is due to the fact that the caller statesmanlike medication successful the US promises to beryllium much crypto-friendly than the erstwhile ones.

Dogecoin’s terms has suffered successful the past week, falling implicit 15%. However, the latest SEC filing is simply a surefire mode to springiness DOGE terms a resurgence. If approved, the Dogecoin ETF could nonstop the meme coin sky-high successful price, arsenic Bitcoin’s ETF did for BTC.

Bitwise has yet to remark connected the Dogecoin ETF filing, which is the archetypal effort astatine bringing a DOGE ETF into the regulated US market. “Today’s satire is tomorrow’s ETF,” said Bloomberg ETF adept Eric Balchunas successful a station to X. Per AI, if the SEC approves a Dogecoin ETF, this improvement whitethorn propulsion Dogecoin’s terms to deed $0.50. The portal aboriginal adds however sustained inflows successful the DOGE ETF whitethorn aboriginal propulsion the token to deed $0.75-$1. The semipermanent imaginable of the ETF could connote Doge hitting $1.50 if the ETF succeeds close away.