Bitwise Seeks Approval for Dogecoin ETF Amid Growing Memecoin Interest

Crypto asset management firm Bitwise has submitted documents to the U.S. Securities and Exchange Commission (SEC) in an effort to launch an exchange-traded fund (ETF) that tracks Dogecoin (DOGE), as revealed in a filing on Tuesday. The filing, which is an S-1 document, marks a critical step for companies looking to introduce a new security and have it listed on a public exchange.

Bitwise’s filing places the company among others such as Rex Shares and Osprey Funds, who have also filed for crypto ETFs that include Dogecoin as well as other memecoins. However, what distinguishes Bitwise’s filing is that it was submitted under the ’33 Act, rather than the ’40 Act used by Rex and Osprey. This detail was highlighted by Eric Balchunas, a senior ETF analyst at Bloomberg Intelligence.

The ’33 Act is typically employed for niche, commodity-based ETFs, while the ’40 Act provides greater investor protection, imposing additional SEC regulations, such as limits on leverage, short-selling, and ensuring stricter governance and fiduciary duties.

Bitwise, a well-known issuer of crypto ETFs, is also waiting for approval of an ETF that tracks XRP (XRP). While the submission of the S-1 is just the first stage in launching the Dogecoin ETF, the key next step will be the 19b-4 filing, which requires the stock exchange to change its rules and provides a concrete deadline for SEC approval.

The idea of memecoin ETFs, once seen as an unlikely concept under former SEC Chair Gary Gensler—who was known for his cautious approach to approving crypto ETFs—now seems more plausible after President Donald Trump’s inauguration. Trump’s commitment to crypto-friendly policies, coupled with his launch of his own memecoins, TRUMP and MELANIA, signals a new era of support for the memecoin market, paving the way for such investment products.