Emily Walker
Bitwise Invest, a prominent asset manager and issuer of crypto exchange-traded funds (ETFs), has submitted an S-1 application to the US Securities and Exchange Commission (SEC) for a Dogecoin ETF.
This submission comes after a previous application filed in Delaware last week, marking an important step in the evolving world of cryptocurrency investment.
Market Response to Bitwise’s Dogecoin ETF Application
Bloomberg ETF specialist James Seyffart indicated that this latest filing was expected, following Bitwise’s earlier registration of the trust. He commented that the interest in cryptocurrency ETFs is increasing as regulatory guidance becomes clearer.
Despite the optimistic outlook for the Dogecoin ETF proposal, the price of DOGE has not significantly changed, currently trading around $0.320, which reflects a decline of 3.4% over the last day and 16% over the past week.
This development coincides with a shift in the US regulatory environment, particularly with the return of President Trump to the White House, which has boosted confidence regarding potential changes that may benefit cryptocurrency investments.
Growing Interest in Crypto ETFs from Asset Managers
Bitwise is not alone in pursuing ETF approvals; other firms like CoinShares, Tuttle Capital, and Grayscale are also applying for cryptocurrency ETFs. Their offerings include various assets such as Solana (SOL), Litecoin (LTC), and Cardano (ADA), as well as more speculative options like the TRUMP and MELANIA memecoins.
Seyffart previously pointed out that this is a crucial period for those seeking ETF approval as they test the SEC’s limits on these offerings. The newly created crypto task force, led by pro-crypto Commissioner Hester Peirce, is anticipated to significantly influence the regulatory landscape for these financial products.
The results of this task force’s work will be vital in determining whether the SEC will approve Bitwise’s Dogecoin ETF among other index funds.
Featured image from DALL-E, chart from TradingView.com