Bitwise has officially filed a registration application for a dogecoin exchange-traded fund (ETF) as demand for memecoin grows in the market.
A “Bitwise Dogecoin ETF” appeared at the Department of State’s Corporations Division in the US state of Delaware on Wednesday evening. These presentations can often be a parody, but Bitwise confirmed the record in a message to The Block.
https://x.com/EricBalchunas/status/1882202309293433217
This was because investment managers Rex Shares and Osprey Funds filed paperwork for several cryptocurrency exchange-traded funds (ETFs), including one for dogecoin.
Approval of the ETF by regulatory bodies like the SEC would provide dogecoin with institutional validation, which could attract more conservative investors to memecoin. The surge in demand could push up DOGE prices if the product captures even a small fraction of the inflows seen by bitcoin ETFs (more than $50 billion last year).
DOGE is the world’s largest memecoin with a market capitalization of $52 billion as of Thursday. It has more than tripled in the last year as a speculative token following the gains of bitcoin and, more recently, the creation of a Department of Government Efficiency in the US.
Abbreviated DOGE, the non-government agency is led by technocrat Elon Musk and aims to reduce government spending while streamlining the operations of federal workers. It was first proposed in mid-October and officially recognized during Donald Trump’s swearing-in ceremony on Monday.
The DOGE website briefly displayed the dogecoin token logo on Tuesday, which was later updated to show only its name. Still, the apparent connection to memecoin has spurred demand among traders, who can use DOGE as a bet on the work being done by the DOGE agency.
