Bitwise, one of the most prominent crypto asset managers, has officially filed an S-1 form with the U.S. Securities and Exchange Commission (SEC) to launch a Dogecoin ETF.
Bitwise submits F-1 filing for a #Dogecoin ETF.
— dogegod (@_dogegod_) January 30, 2025
Be ready. pic.twitter.com/HeAd00SZM3
The filing of an S-1 document is a prerequisite for any company looking to launch a new security on a public stock exchange. Unlike some other recent Dogecoin ETF applications, Bitwise has chosen to file under the ‘33 Act, which requires stricter compliance measures compared to the ‘40 Act used by competitors like REX Shares and Osprey Funds.
According to Eric Balchunas, a senior ETF analyst at Bloomberg Intelligence, the ‘33 Act is more common for commodity-based ETFs, whereas the ‘40 Act offers stronger investor protections, including limits on leverage and short-selling. This distinction could play a role in how the SEC evaluates the filing.
This is the first ‘33 Act (a la $IBIT) doge filing. Rex has on e filed under 40 Act but that isn’t the same true blue physically backed structure
— Eric Balchunas (@EricBalchunas) January 28, 2025
The Growing Interest in Dogecoin ETFs
Bitwise is not the only firm eyeing a Dogecoin ETF. Investment managers REX Shares and Osprey Funds have also recently submitted applications for crypto ETFs, including ones tied to Dogecoin and other memecoins. The race to introduce such financial products suggests growing institutional interest in the memecoin market, despite its volatile nature.
This surge in ETF filings follows a shift in regulatory sentiment. Under former SEC Chair Gary Gensler, launching a spot Bitcoin ETF proved to be an uphill battle. However, the political climate changed with the inauguration of President Donald Trump, who has signaled a more crypto-friendly stance. Trump has even launched his own memecoins, TRUMP and MELANIA, reinforcing the perception that his administration may be more open to approving novel crypto products.
Approval Odds and Market Impact
The probability of a spot Dogecoin ETF getting approved in 2025 has surged dramatically. Polymarket, a popular betting site, places the odds at 56%, up from just 23% in early January.
Despite the excitement, the market remains cautious. The price of Dogecoin has dipped 2.1% in the past 24 hours, according to CoinGecko, reflecting mixed investor sentiment. Analysts remain divided on whether the SEC's new leadership will approve memecoin ETFs, considering their speculative nature.
What’s Next?
Bitwise’s S-1 filing is just the first step. A more critical milestone is the 19b-4 filing, which would initiate the rule change process needed to list the ETF on an exchange. The SEC would then be bound to make a decision within a strict timeline.
Meanwhile, other firms are also pushing the envelope. Turle Capital has filed for an ETF based on Solana’s BONK, another memecoin gaining traction in the crypto ecosystem. For now, investors should prepare for volatility, speculation, and plenty of debate regarding crypto ETFs.
HODL Team
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