2025-03-04
NYSE Arca has asked for permission to
list shares of shares of the Bitwise Asset Management Dogecoin
exchange-traded fund (the Bitwise Dogecoin ETF).
They submitted an official request called
a 19b-4 filing on March 3.
If the U.S. Securities and Exchange
Commission (SEC) approves it, the exchange will be able to offer this Dogecoin
investment fund to traders.
How the ETF Works?
The Bitwise Dogecoin ETF gives
investors a way to invest in Dogecoin without holding the cryptocurrency
directly.
Coinbase will
be the Dogecoin custodian while Bank of New York Mellon will manage the cash,
administration, and transactions.
Investors cannot buy or sell Dogecoin
directly through the fund.
Bitwise first submitted an S-1
registration form for this ETF in January.
If approved, this would be one of the
first Dogecoin ETFs in the U.S., allowing both large and small investors to
trade it in a regulated way.
Market Reaction
Dogecoin’s price did not increase after the announcement. Instead, its price fell by 15%, dropping to $0.19 due to a general decline in the crypto market.
Other Crypto ETF Developments
On February 13, the SEC started
reviewing Grayscale’s Dogecoin Trust application. A decision is expected by mid-October.
On March 3, Nasdaq also filed to list
the Grayscale Hedera Trust, which would track HBAR, the token of the Hedera
Network.
Several other ETFs for Cardano (ADA),
Solana (SOL), Polkadot (DOT), Litecoin (LTC), and XRP have been proposed in the
U.S.
The growing number of crypto ETFs
suggests that the SEC is becoming more open to cryptocurrency investment
products.
