Investors may soon have the opportunity to acquire shares in a new exchange-traded fund (ETF) focused on Dogecoin, thanks to an amendment made by Bitwise to its regulatory filing with the U.S. Securities and Exchange Commission (SEC). The amendment details the removal of a “delaying amendment” in its S-1 registration statement, suggesting that if the SEC does not raise any objections in the next 20 days, the Dogecoin ETF could officially begin trading before the end of November.
This development follows the launch of the first U.S. ETF providing exposure to Dogecoin, which debuted in September. Dubbed the DOJE ETF and introduced by Rex Shares and Osprey Funds, it has successfully generated approximately $17 million in trading volume since its inception.
Bitwise’s filing is part of a broader trend, with over 90 applications submitted by asset managers from both the crypto and traditional finance sectors aiming to create funds that track various altcoins or combinations of digital tokens. This uptick in applications comes on the heels of the SEC’s recent decision to relax generic listing standards for commodity-based trusts, thereby enhancing the chances of approval for these products.
The growing interest in digital asset-focused investment vehicles is further fueled by the impressive performance of Bitcoin and Ethereum ETFs, which launched last year and now manage around $150 billion and $20 billion in assets, respectively. Financial advisor Ric Edelman, who leads the Digital Assets Council of Financial Advisors, emphasized that Bitwise believes investors should have the flexibility to invest in a wide array of assets. He expressed optimism that altcoin funds could accumulate assets akin to the proportion that altcoins represent relative to Bitcoin.
Currently, Dogecoin is trading at approximately $0.18 per coin, reflecting a 13% increase within a single day, according to data from CoinGecko. Despite being the 10th largest cryptocurrency with a market capitalization of $25.4 billion, Dogecoin has faced challenges in surpassing its all-time high of $0.73 reached in 2021.
In a light-hearted response to inquiries about the ETF, Bitwise simply stated, “woof, woof,” reflecting the playful spirit of the meme coin that underlies its investment strategy.
