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Bitwise, a crypto index fund manager, has filed for registration to create a Dogecoin 
$0.227111 (DOGE) exchange-traded fund (ETF) in Delaware. Matt Hougan, the company’s Chief Investment Officer, confirmed the development in a statement to The Block, stating, “Yes, this application is ours.” The registration submission was made to the Delaware Division of Corporations.
Rising Demand for Dogecoin ETFs
Initially created as a joke by Markus and Jackson Palmer in 2013, Dogecoin has garnered significant attention recently. The interest was particularly sparked when the U.S. Department of Government Efficiency (D.O.G.E.), established under former President Donald Trump, featured the Dogecoin logo on its official website.
Given Dogecoin’s popularity and market value, many experts believed that an ETF application of this kind was overdue. Nate Gercai, president of ETF Store, expressed surprise at the absence of a Dogecoin ETF application until now, suggesting that it could serve as a marketing expense at worst or, at best, could achieve significant success with SEC approval and support from Elon Musk.
New Crypto ETFs on the Horizon
Eric Balchunas, a senior ETF analyst at Bloomberg, indicated that transforming meme coins like Dogecoin into financial products is feasible. He remarked, “Today’s joke could be tomorrow’s ETF. Dogecoin may seem like a stretch, but it doesn’t hurt to try.”
Bitwise’s move coincides with ETF applications from companies like Osprey Funds and Rex Shares. Additionally, the U.S. Securities and Exchange Commission (SEC) announced the formation of a new crypto task force led by Hester Peirce, which could expedite the approval of various crypto ETFs, including DOGE, according to 21Shares crypto research strategist Matt Mena.
As of the article’s preparation, DOGE’s market price was trading slightly above $0.35, reflecting a 4.44% drop in the past 24 hours, with the popular altcoin‘s market capitalization hovering around $54 billion.
