Bitwise Asset Management has made a significant move by registering a trust for a potential Dogecoin ETF in Delaware, stirring excitement in the cryptocurrency market.
This step could be the precursor to launching an exchange-traded fund focused on the popular meme coin, which has seen its value fluctuate in recent days.
Although the Delaware registration represents an initial step, experts stress that it does not yet signal a formal ETF filing with the SEC.
A Delaware statutory trust, the structure Bitwise has chosen, helps establish legal and tax benefits for the asset manager while separating potential ETF assets from its other business operations.
James Seyffart, a Senior Analyst at Bloomberg, noted on X,
“This is just a registration for a trust. Assuming its real -- its still not an official ETF filing with the SEC. At least not yet!”
The real test will come once Bitwise submits a comprehensive application to the SEC for approval.
Following the news of Bitwise’s registration, Dogecoin’s price surged by 4%, peaking at $0.373 before stabilising at $0.35.
This uptick highlights growing investor interest in the asset, fuelled by the anticipation of new products that could offer institutional exposure to the meme coin.
Bitwise’s potential move signals a larger trend of major players exploring the idea of crypto-backed ETFs, particularly in an era of increasing market interest and regulatory clarity.
The filing comes at a time when US crypto regulation is entering a new chapter.
With Donald Trump’s recent swearing-in as the 47th President, his administration has promised a more crypto-friendly environment.
Trump’s pro-crypto stance, combined with the appointment of Mark Uyeda as interim SEC Chair, has sparked optimism across the industry.
Nate Geraci, President of ETF Store, reflected the broader sentiment in the crypto sector, stating,
“I think everything is on the table moving forward with the new administration.”
With the Trump administration’s shift in approach to cryptocurrency regulation, observers believe that a wave of crypto ETF filings could be on the horizon.
The SEC’s recent approval of “protected” Bitcoin ETFs further signals this potential.
In fact, Osprey Funds filed for multiple ETFs yesterday, including those based on Dogecoin, Solana, Ethereum, XRP, and even the controversial Trump meme coin.
This comes just days after Trump’s inauguration, reinforcing the expectation that unconventional crypto products could soon gain approval.
Bitwise, which currently manages over $12 billion in crypto assets, has already shown a keen interest in expanding its ETF portfolio.
The firm filed for a Solana ETF in November 2024, shortly after merging its Bitcoin and Ethereum ETF offerings.
With a Dogecoin ETF now reportedly in development, Bitwise continues to focus on advancing institutional adoption of digital assets.
The move follows a broader trend among asset managers to register entities in advance of submitting formal ETF applications with the SEC.
The surge in interest for crypto ETFs comes amid a growing demand for regulated investment products.
With institutional players increasingly seeking exposure to digital assets, the timing of these filings could mark a turning point in the market.
As multiple asset managers, including VanEck, move forward with filings for various crypto-based ETFs, the momentum for crypto ETFs continues to build.
While Bitwise’s Delaware registration doesn’t guarantee a quick launch, it shows the firm is preparing for a future where Dogecoin and other digital assets could be accessible to investors through regulated products.
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