- Bitwise files 19B-4 for Dogecoin ETF, with Coinbase guardianship and BNY Mellon Managing Assets
- Dogecoin ETF approval Opportunities rise to 66%, but the price of doge fell by 11.69%
Bitwise has taken an important step in the direction of launching a dogecoin [DOGE] Exchange-Traded Fund (ETF), with a 19B-4 entry submitted by NYSE ARCA to the US Securities and Exchange Commission (SEC).
The proposed ETF, if approved, will see the custody of Coinbase serve as the preservator, while BNY Mellon will supervise cash management, administration and archiving.
Bitwise files for Dogecoin ETF
The latter submit Follows the earlier S-1 entry of Bitwise, which indicates the growing institutional interest in Dogecoin and the potential access to the regulated investment landscape.
According to the submission,
“On the basis of the provisions of section 19 (B) (1) of the Securities Exchange Act of 1934, as amended (the” act “or” ’34 act “) and rule 19b-4 below, NYSE ARCA, inc. (” Nyse Arca “or” Exchange “), proposes to mention and act on the bitwecoin (the dogecoin to act” Arca (the “Trust”) shares “.
For the context, the proposed Doge ETF of Bitwise wants to offer regulated exposure to the popular memecoin. In contrast to direct possession, ETFs work on a cash creation and repayment model, so that investors can transact Dogecoin directly.
The net asset value of the Fund (NAV) will be determined daily using the CF Dogecoin Dollar settlement price, which guarantees the alignment of market valuations.
With its S-1 registration submitted in January, ETF, if approved, would be one of the first memecoin ETFs listed by the US. This will open the door for institutional and retail investors to get safe and regulated access to Dogecoin.
Polymarket’s trend
That said, the race for a Dogecoin ETF has already warmed up, with several asset managers, including Bitwise, Grayscale and Rex shares, which is fighting for approval of the regulations.
Grayscale’s proposal seems to be the leader, because the SEC has already recognized the application.
Moreover, market optimism for a Dogecoin ETF approval is increasing in 2025, with polymarket facts Shows a probability of 66% – an increase of 55% only a day earlier.
However, the price of Dogecoin is struggling Recently, 15.79% fell to $ 0.19, with the trade volume also falling by 11.69%. This hinted to weakened market activity, despite the growing ETF anticipation.
In the meantime, there is also a wider urge to Altcoin ETFs, including Cardano [ADA]Solana [SOL]Polkadot [DOT]Litecoin [LTC]and Xrp. This is a sign of the evoluating attitude of the SEC under the new administration.
So with several developments that take place in the crypto space, it is therefore still to be seen which Altcoin ETF will be the first to launch.
