Bitwise Files to Launch Dogecoin ETF Amid Growing Interest in Memecoin Funds
Crypto asset manager Bitwise has filed with the U.S. Securities and Exchange Commission (SEC) to launch an exchange-traded fund (ETF) tied to the price of Dogecoin (DOGE), according to a filing submitted on Tuesday. The filing, an S-1 document, is a standard requirement for companies seeking to issue a new security and list it on a public stock exchange.
This move places Bitwise among several issuers, such as Rex Shares and Osprey Funds, who have also submitted paperwork for crypto ETFs that include Dogecoin and other memecoins. However, Bitwise’s filing stands out as it is submitted under the ‘33 Act, as opposed to the ‘40 Act under which Rex and Osprey filed, as highlighted by Bloomberg Intelligence senior ETF analyst Eric Balchunas.
S-1 filings under the ‘33 Act are typically used for niche, commodity-based ETFs, whereas filings under the ‘40 Act offer stronger investor protections. The ‘40 Act enforces additional SEC regulations, such as limiting leverage, short-selling, and ensuring stricter governance and fiduciary oversight.
Bitwise, known for issuing several crypto ETFs, is also awaiting approval for an ETF tracking XRP (XRP). While the S-1 filing marks the first step in launching the Dogecoin ETF, the critical next move will be submitting a 19b-4 filing, which triggers a rule change request at the exchange and sets a deadline for SEC approval.
While the concept of memecoin ETFs may have seemed far-fetched under former SEC Chairman Gary Gensler—who made it difficult for issuers to launch a spot Bitcoin ETF—the prospect of such funds appears increasingly likely following the inauguration of President Donald Trump. With Trump’s commitment to crypto-friendly policies and the introduction of his own memecoins, TRUMP and MELANIA, his support for the memecoin movement is evident.
