Bitwise’s Chief Investment Officer, Matt Hougan, confirmed the filing, which has been considered a preparatory step towards a full SEC application. “This was from us,” Hougan told The Block. 

While this filing is not yet an official ETF proposal, it signals Bitwise’s intentions to bring a DOGE-focused investment product to market. A Delaware statutory trust was filed as part of the process. This structure allows Bitwise to establish clear governance and tax benefits, as well as separate any potential ETF assets from other company activities. 

However, before any actual Dogecoin ETF can hit the market, Bitwise will need to submit a full application to the SEC. With over $12 billion in crypto assets under management, Bitwise is experienced in navigating regulatory challenges and is positioning its products to drive institutional adoption of crypto.

The Resurgence of Dogecoin

Dogecoin, which began as a satirical project in 2013 by software engineers Markus and Jackson Palmer, has evolved into one of the most recognized cryptocurrencies in the market. Created as a joke, it features the Shiba Inu dog as its mascot and has been considered a memecoin for years. However, the tide has turned in recent months, especially with the establishment of the Department of Government Efficiency under President Donald Trump.

Dogecoin’s rise in popularity has been closely tied to high-profile supporters like Elon Musk, who has continued to champion the token's legitimacy and utility. The resurgence of Dogecoin in recent times has led to a growing interest in its investment potential, making an ETF application almost inevitable.

Not a Surprise

The filing for a Dogecoin ETF doesn’t come as a complete surprise. According to Nate Geraci, President of ETF Store, many were shocked that no issuer had filed for a DOGE ETF earlier. He pointed out that DOGE is the seventh-largest cryptocurrency by market cap, making it a compelling target for an ETF. 

In his post on X (formerly Twitter) on Jan. 15, Geraci mentioned that a Dogecoin ETF could either serve as a marketing move or, at best, receive lenient approval from the SEC.

Meme coins like Dogecoin have seen a significant uptick in mainstream attention, with TRUMP coin, launched by President Trump, drawing significant interest. This uptick in meme coin investment has expanded beyond just crypto enthusiasts, with a report indicating that 40% of TRUMP coin buyers were first-time crypto investors. This growing crossover appeal has reportedly encouraged firms like Bitwise to explore meme coin-based financial products, such as the DOGE ETF.

Meme coins have quickly gained traction not just in the U.S., but globally. Another example is Floki, a meme coin project that plans to launch an exchange-traded product (ETP) in Europe by early 2025. 

While the Dogecoin ETF filing has garnered attention, analysts believe other altcoins might follow suit. Litecoin, for example, is seen as a strong candidate for future ETF approval, with Nasdaq already filing Form 19b-4 to list Canary Capital’s proposed Litecoin ETF.