Bitwise Invest, an asset manager and crypto exchange-traded fund (ETF) issuer, has officially submitted an S-1 form to the US Securities and Exchange Commission (SEC) for a Dogecoin ETF.
This filing, which was made on Monday, comes after an earlier application was filed last week in Delaware, marking a significant step for the cryptocurrency investment sector.
Market Reaction to Bitwise’s Dogecoin ETF Application
James Seyffart, an ETF specialist at Bloomberg, remarked that this recent filing was expected following Bitwise’s earlier registration of the trust. “We anticipated this,” he said, indicating the increasing interest in cryptocurrency ETFs as more regulatory clarity unfolds.
Despite this optimism surrounding the Dogecoin ETF application, DOGE has not reacted significantly, remaining around $0.320, which indicates a decrease of 3.4% in the past 24 hours and 16% over the week.
This event is taking place amidst a shift towards positive regulation in the US, coinciding with President Trump’s return to the White House for a second term after his election victory in November.
Trump’s political comeback has instilled a renewed sense of confidence in the regulatory landscape, hinting at potential changes that could benefit cryptocurrency investments.
Asset Managers Seek Cryptocurrency ETF Approvals
The surge in ETF filings extends beyond Bitwise; other asset managers like CoinShares, Tuttle Capital, and Grayscale are also pursuing approval for their own cryptocurrency ETFs, which encompass Solana (SOL), Litecoin (LTC), and Cardano (ADA), along with more speculative options such as the memecoins TRUMP and MELANIA.
Seyffart highlighted last week that this period is vital for issuers as they navigate the boundaries of SEC regulations. The formation of a new crypto task force, led by pro-crypto Commissioner Hester Peirce, is anticipated to be crucial in influencing the regulatory context for these products.
The success of this task force’s initiatives will be key in determining whether the SEC will approve the various index funds, including Bitwise’s Dogecoin ETF.
Image sourced from DALL-E; chart from TradingView.com.
