The world’s largest crypto index fund manager, Bitwise, has officially filed for a Spot Dogecoin (DOGE) ETF, according to a new SEC filing. Bitwise joins Rex Shares and Osprey as the latest applicant for a DOGE ETF, looking to add to its existing Bitcoin and Ethereum ETF offerings. “When the Trust creates or redeems its Shares, it will do so in blocks of 10,000 Shares (each, a “Basket”) based on the quantity of Dogecoin attributable to each Share of the Trust (net of accrued but unpaid expenses and liabilities) multiplied by the number of Shares (10,000) comprising a Basket (the “Basket Amount”),” the filing reads.
JUST IN: 🇺🇸 Bitwise files for spot Dogecoin $DOGE ETF.
— Watcher.Guru (@WatcherGuru) January 28, 2025
The development is currently touted as extremely bullish. Dogecoin in the form of an ETF has been requested for years due to DOGE’s incredible token popularity. If approved by the US SEC, the development can be incredibly bullish for the meme coin, helping it claim new surging highs.
Dogecoin is gaining immense momentum due to its strong association with Tesla chief Elon Musk. Musk’s starting to lead the Department of Government Efficiency, known as D.O.G.E, has also credibly bolstered the token’s popularity. In his inaugural session, Musk uttered a surprising phrase stating how he intends to take “DOGE to Mars.” This sentence was met with great ambiguity, helping the token gain more strength.
Also Read: Dogecoin: How To Become A Millionaire With DOGE By 2030?
Bitwise to Add to Current Crypto Offerings with Dogecoin ETF
Bitwise already offers six crypto-focused ETFs. The asset manager’s current seven ETFs are valued at $2.82 billion. The latest DOGE ETF is expected to have much fewer hurdles to surpass though compared to previous applications. That is because the new presidential administration in the US promises to be more crypto-friendly than the previous ones.
Dogecoin’s price has suffered in the past week, falling over 15%. However, the latest SEC filing is a surefire way to give DOGE price a resurgence. If approved, the Dogecoin ETF could send the meme coin sky-high in price, as Bitcoin’s ETF did for BTC.
Bitwise has yet to comment on the Dogecoin ETF filing, which is the first attempt at bringing a DOGE ETF into the regulated US market. “Today’s satire is tomorrow’s ETF,” said Bloomberg ETF expert Eric Balchunas in a post to X. Per AI, if the SEC approves a Dogecoin ETF, this development may push Dogecoin’s price to hit $0.50. The portal later adds how sustained inflows in the DOGE ETF may later push the token to hit $0.75-$1. The long-term potential of the ETF could imply Doge hitting $1.50 if the ETF succeeds right away.
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