Bitwise Files For Dogecoin ETF Amid Growing Interest In Memecoins

According to CoinDesk, crypto asset manager Bitwise has submitted documents to the U.S. Securities and Exchange Commission (SEC) to launch an exchange-traded fund (ETF) linked to the price of dogecoin (DOGE). The filing, known as an S-1 document, is necessary for companies aiming to issue a new security and have it listed on a public stock exchange. This move comes after investment managers Rex Shares and Osprey Funds also filed paperwork for several crypto ETFs, including those tied to dogecoin and other memecoins earlier this month. Bitwise's filing stands out as it is submitted under the '33 Act, unlike Rex and Osprey's filings under the 40 Act. Eric Balchunas, a senior ETF analyst at Bloomberg Intelligence, highlighted this distinction. S-1 filings under the '33 Act are typically used for niche, commodity-based ETFs, whereas the 40 Act filings offer stronger investor protection by requiring issuers to adhere to additional SEC regulations. These regulations include limitations on leverage and short-selling, as well as stricter fiduciary oversight and governance. Bitwise is already the issuer of several crypto ETFs and has multiple applications pending, including one for an XRP (XRP) ETF. While the S-1 document is an initial step in launching an ETF, the more critical filing is the 19b-4. This filing is necessary to indicate a required rule change at the stock exchange intending to list the investment, binding the SEC to a strict deadline. The concept of memecoin ETFs was once considered nearly impossible under the SEC led by Gray Gensler, which posed challenges for issuers attempting to launch a spot bitcoin ETF. However, the potential for such funds now appears more feasible following the inauguration of U.S. President Donald Trump. President Trump has not only pledged to implement crypto-friendly policies but has also launched his own memecoins, TRUMP and MELANIA, demonstrating his personal interest in the memecoin sector.