- Bitwise applied for Dogecoin ETF with NYCE
- This is one of many Bitwise filings among other crypto ETFs
- This ETF is set up as a Delaware statutory trust, and Bitwise will own Dogecoin directly
- Expectations of approval from the SEC are high, especially after Trump’s embrace of crypto reserve
Bitwise Dogecoin ETF with NYSE Arca is officially filing a 19b-4 proposal and seeking SEC approval. This is not the first ETF filing by Bitwise, but it is the first regarding meme coin, which is perceived differently as an investment asset Bitcoin, Ethereum, Solana, XRP, and so on.
More About the Bitwise Dogecoin ETF Application
The ETF is registered as a Delaware statutory trust and Bitwise will be the primary sponsor. Its specialty is that this ETF will not work with derivatives, but will directly own Dogecoin.
CF Benchmarks Ltd will provide benchmarks to accurately calculate the fund’s net asset value (NAV), and Coinbase has been selected as the custodian for the assets, while Bank of New York Mellon will act as custodian and administer the cash.
Overall, this is standard, and not the first ETF application from Bitwise, and we’ve already seen some breakthroughs like the Bitwise multi crypto ETF, as well as the Bitwise combined Bitcoin and Ethereum ETF.
But there are a few new circumstances to consider here. Firstly we’re talking about the first crypto ETF that deals with memecoin rather than more core and established assets, but also since the previous crypto landscape has changed with the Trump announcement of the US crypto reserve.
Conclusion
Investment funds and instruments are expanding towards crypto assets and we are seeing this every day. While most of them are just waiting for approval, crypto regulations are also evolving and this is reasonably encouraging, even if it doesn’t guarantee it.
As you can see all of this is developing very rapidly and requires constant monitoring. Stay tuned for the latest regulatory updates and the SEC’s role in crypto adaptation.
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