Cryptocurrency fund manager, Bitwise Asset Management, has filed a formal application for a Dogecoin (DOGE) exchange-traded fund (ETF) with the US Securities and Exchange Commission (SEC).
The news broke after the company filed its registration with the Delaware Secretary of State’s Corporate Division on January 23, a decision confirmed by Matt Hogan, Bitwise’s chief investment officer, per. a report From The Block.
“That was from us,” Hogan said. The “Bitwise Dogecoin ETF” is the first attempt by any financial institution to bring a DOGE-focused ETF to the highly regulated US market.
This decision came as no surprise to those watching its recent resurgence under the Trump administration, thanks to “first friend” Elon Musk.
Created in 2013 by Billy Marcus and Jackson Palmer, Dogecoin was designed as a satirical take on the growing cryptocurrency market. For many years, the Shiba Inu-themed token floated in the shadow of its more serious counterparts. But things took a dramatic turn last year.
Under the Department of Government Efficiency (DOGE), led by President Donald Trump, Dogecoin has become an amazing symbol of financial innovation. The management website even displayed the DOGE logo earlier this week, causing a lot of bullish speculation in the community.
ETF Shop President Nate Geraci expressed surprise that no company had fallen earlier. “I’m still shocked that no issuer has applied for a Dogecoin ETF,” Nate wrote on X (formerly Twitter) on January 15.
DOGE is the seventh-largest cryptocurrency by market capitalization, he noted, describing the filing as a potential marketing win or, at best, a path to SEC approval.
Elon remains a major force behind DOGE’s mainstream acceptance. “Today’s cynicism is tomorrow’s ETFs,” Bloomberg ETF analyst Eric Balchunas commented in November 2024. “Is DOGE a bridge too far? We’ll see.”
The timing of the submission aligns with growing optimism about regulatory reforms. “The hope is that the new administration will move quickly to determine which crypto assets are considered securities and which are not,” Geraci added. “Once this framework is in place, the path to approval for additional spot crypto ETFs should become clearer.”
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