Bitwise Files S1 for Dogecoin ETF With US SEC

Asset management firm Bitwise is pushing its crypto ETF agenda with a new filing targeting Dogecoin (DOGE). The firm has officially submitted the S-1 registration statement with the United States Securities and Exchange Commission (SEC) for the Bitwise Dogecoin ETF.

Bitwise Dogecoin ETF Is Inevitable

As per the US SEC prospectus, this new filing comes with no defined ticker symbol yet, and the firm has yet to confirm the trading platform it will list. However, Bitwise said the new fund is designed to provide exposure to DOGE, the industry’s largest memecoin. 

Bitwise said the fund will hold Dogecoin directly and establish the ETF product’s Net Asset Value (NAV). It confirmed that the Fund will rely on the Dogecoin-Dollar settlement benchmark provided by the CF trading platform. Other key details, like the sponsor fee, remains unannounced. 

This Dogecoin ETF filing comes barely a week after Bitwise initiated its first move for the asset. As reported by CoinGape, it registered a legal entity for the DOGE ETF, sending the coin’s price up at the time.

Commenting on the S-1 filing, Bloomberg Senior ETF Analyst James Seyffart noted that a Bitwise DOGE ETF remains inevitable.

Dogecoin ETF Comes After Multiple Crypto ETF Filings

Earlier this week, CoinGape reported that Tuttle Capital filed for a new crop of crypto leverage ETF products with the SEC. Some unusual coins in the filing include Solana, XRP, Litecoin, BONK, TRUMP, MELANIE, Chainlink, Polkadot, and Cardano ETF. The asset management firm misspelled “BNB” as “BNP” as the 10 crypto-linked ETF products in the filing.

In about 24 hours, Tuttle Capital withdrew the initial leverage ETF filing. It then submitted another to show it is also pushing for a BNB ETF product. The speculation surrounding Dogecoin ETF is picking pace amid connection with Elon Musk’s Department Of Government Efficiency (DOGE).

The US SEC has continued to see a growing number of crypto ETF filings. Analysts say these diverse products are the issuer’s way of testing the regulator’s boundaries. Some believe that with the new pro-crypto leaders at the markets regulator, these crypto ETF products will gain approval.

Coins With Best ETF Approval Odds

Despite the growing number of crypto ETF products being filed with the US SEC, experts believe Litecoin, XRP, Solana and Dogecoin ETF products have the best offs of approval. Beyond their respective market capitalizations, technology, and ecosystem, some of these coins have ETPs tracking their prices.

Experts believe these assets have attained maturity, and the SEC may consider them so. Mark Uyeda formed a crypto task force after his appointment as acting Chairman of the US SEC. ETF experts remain convinced that this task force by Hester Peirce will play a major role in determining which crypto ETF  scales through.