Bitwise Asset Administration formally submitted a submitting to the US Securities and Alternate Fee (SEC) on Tuesday for a Dogecoin exchange-traded fund (ETF).
This marks the second submitting for a Dogecoin ETF, following the same transfer by Rex Shares final week.
Bitwise Recordsdata for Dogecoin ETF
On January 28, the asset supervisor submitted an S-1 kind with the SEC to launch a Dogecoin ETF. This submitting got here shortly after its earlier utility to ascertain a Dogecoin ETF by means of a Delaware belief.
“We knew this was coming as a result of they filed to register the belief final week however this makes it official with the SEC,” Bloomberg analyst James Seyffart posted on X (previously Twitter).
With this transfer, Bitwise joins Rex Shares, which just lately submitted ETF purposes for a number of meme cash. These embody DOGE, Bonk (BONK), and Donald Trump’s TRUMP token.
Nonetheless, Bitwise’s submitting does have a specialty. Eric Balchunas, a senior ETF analyst at Bloomberg, highlighted that the submitting was made beneath the Securities Act of 1933.
“That is the primary ‘33 Act (a la $IBIT) doge submitting. Rex has on e filed beneath 40 Act however that isn’t the identical true blue bodily backed construction,” Balchunas wrote on X.
Notably, this distinction is essential. ETFs filed beneath the Securities Act of 1933 are bodily backed, which signifies that they maintain the underlying asset—on this case, Dogecoin.
In distinction, ETFs beneath the Funding Firm Act of 1940 have a distinct construction. Due to this fact, they don’t essentially contain direct possession of the asset.
Moreover, in its submitting, Bitwise has designated Coinbase Custody because the proposed custodian for its spot DOGE ETF. Nonetheless, the S-1 does miss sure particulars. This consists of the proposed charge, ticker image, or the inventory change on which the ETF could be listed if authorized.
In the meantime, following Bitwise’s Dogecoin ETF submitting, betting odds on the prediction platform Polymarket surged to a file excessive of 56% in favor of approval. On the time of writing, the percentages remained regular at 55%.
Bitwise’s transfer comes amid an increase in cryptocurrency ETF filings. The corporate has already launched spot Bitcoin (BTC) and Ethereum (ETH) ETFs. Furthermore, it has additionally filed purposes for Solana (SOL) and XRP (XRP) ETFs.
Nonetheless, the proposal for a Bitwise 10 Crypto Index Fund remains to be pending overview. This fund goals to trace the efficiency of the ten largest cryptocurrencies by market cap. However, the SEC has prolonged its overview of the appliance till March 2025.
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