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The U.S. Securities and Exchange Commission has delayed its decision on whether to approve the Bitwise Dogecoin ETF. The agency announced it will take until November 12, 2025, to make a final ruling.
SEC Extends Review of Bitwise Dogecoin ETF Amid Investor Concerns
According to the SEC document, the proposal was first filed by NYSE Arca in March. The exchange wants approval to list and trade shares of the fund under its commodity-based trust rules.
The SEC had an initial deadline of June to either approve or reject the application after Bitwise amended its s-1 filing for this proposal. Instead, it launched formal proceedings in June to examine the filing more closely.
That decision triggered a 180-day review process, with the original deadline falling on September 13. The Commission has now extended that timeline by another 60 days.
Officials said the delay allows more time to review the proposal and comments received from the public. Several responses were filed on the SEC’s website earlier this year, echoing concerns also raised when Grayscale filed for a Dogecoin ETF. Those comments addressed issues of market manipulation, liquidity, and whether Dogecoin is suitable for an exchange-traded product.
Bitwise, a leading digital asset company, has marketed the ETF as a means to increase investor options. The company asserts that Dogecoin possesses profound liquidity and has a substantial community, which favors its contribution to crypto markets. The advocates are of the view that the ETF may make Dogecoin a legal investment vehicle.
SEC May Approve DOGE ETF Regardless of Skepticism
Skeptics say approval could place retail investors in danger. They argue the SEC should apply the same scrutiny to Dogecoin-ETF filings as it did to Ethereum and Bitcoin submissions.
The Commission has traditionally been highly conservative with crypto ETFs. Years of rejections happened before spot Bitcoin ETFs approval in early 2024. Then after long debates, it approved the launch of spot Ethereum ETF.
A Dogecoin ETF would mark the first endorsement of a meme-based cryptocurrency fund in the United States. This aligns with a prediction by Bloomberg analyst Eric Balchunas that the first spot Dogecoin ETF is set to launch on September 11.
The move may become the model for other meme coins or niche digital assets seeking ETF status. The value of Dogecoin has stayed fairly steady even with the SEC delay. At the time of writing, DOGE traded around $0.2407, down only 0.38% for the day. Over the past week, the token has gained more than 14%. In the last six months, it is up almost 40%. Compared to a year ago, Dogecoin has risen by over 150%.
Still, the coin is known for big swings. Since the start of 2025, it has dropped about 24%, showing that prices can change quickly.
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