Crypto asset administration large Bitwise is hoping to launch a spot exchange-traded fund (ETF) for Dogecoin (DOGE).
Bitwise has filed an utility with the U.S. Securities and Trade Fee (SEC) to launch the highest memecoin ETF.
In a brand new interview with the Monetary Occasions, Bitwise’s chief funding officer Matt Hougan says that memecoins are an necessary side of the crypto trade and have robust investor curiosity.
“Memecoins are totemic artifacts of the rising crypto tradition. They’re virtually collectables in a way and they’re a method of expressing your affiliation with one thing. There are lots of of hundreds of thousands of people that have a deep affinity with this tradition. It’s an inherently digital tradition the place memes are extraordinarily necessary to it. Is it any completely different from baseball playing cards or excessive artwork? No, it’s solely completely different in type.”
He additionally predicts a big demand for a Dogecoin ETF product.
“The truth is that there are lots of people that need to spend money on Dogecoin. It’s the sixth-largest crypto asset on the planet by market cap and it trades over $1 billion a day.”
The SEC authorized spot ETFs for Bitcoin (BTC) and Ethereum (ETH) final 12 months however after a lot uncertainty and a number of delays. Crypto insiders now consider the chances are larger that the SEC will approve ETFs for different digital property after former SEC chair Gary Gensler, who was extensively thought-about anti-crypto, has stepped down.
US President Donald Trump has nominated cryptocurrency advocate Paul Atkins to go the SEC.
DOGE is buying and selling for $0.32 at time of writing, up 1.1% within the final 24 hours.
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