Bitwise Takes Step Toward Launching Dogecoin ETF

Bitwise registers Dogecoin ETF trust, fueling speculation about SEC filing. Whale interest grows as DOGE price fluctuates.

Doge on a sea bed with whales surrounding him.
Created by Kornelija Poderskytฤ— from DailyCoin

Bitwise Asset Management has taken initial steps toward launching a Dogecoin (DOGE) exchange-traded fund (ETF).

The US-based crypto investment firm registered a legal entity, โ€œBitwise Dogecoin ETF,โ€ sparking speculation about an official filing with the SEC.ย 

New Trust Entity Registered

Bitwise registered a new entity in Delaware on Wednesday, named the Bitwise Dogecoin ETF, as a statutory trust.

Sponsored

For ETFs, organizing as a statutory trust simplifies management, ensures legal compliance, and protects investors from personal liability.

Bitwise Dogecoin ETF company registered in Delaware. Source: Delaware.org

The company itself has not commented on plans to file for a memecoin ETF. Meanwhile, market analysts remind that the trust registration is merely a registration for a trust, not an official Dogecoin ETF filing.

The move comes amid growing whale interest in Dogecoin, as large investors accumulated 590 million DOGE in a single day this week, according to Santiment data.

Dogecoin Still Anticipating Breakout

Following the news, DOGEโ€™s price briefly spiked to $0.3699 on Thursday before falling 6.2% to $0.3468 lows amid a market-wide selloff, as per CoinMarketCap data.

Dogecoin price briefly spiked before falling to new lows on Thursday. Source: CMC

The famous memecoin saw a sharp price rise to $0.393 on Tuesday after the official website of the Elon Musk-led Department of Government Efficiency โ€” an advisory commission under the new Trump administration โ€” published the Dogecoin logo.

As of the time of writing, DOGE is showing signs of forming a falling wedge pattern, with analysts predicting a potential breakout to $0.39.

On the Flipside

  • Donald Trumpโ€™s launch of his and Melaniaโ€™s memecoins ahead of the inauguration has intensified market saturation, bringing in strong players who could keep drawing liquidity from the memecoin space.

Why This Matters

An approved Dogecoin ETF could boost institutional adoption and increase retail access, further strengthening DOGEโ€™s market position.

Check out trending DailyCoinโ€™s articles:

SEC vs. Ripple: Trump Appoints New SEC, CFTC Chairs

Dogecoin Surges as Muskโ€™s DOGE Agency Unveils Memecoin Logo

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Alex Costa

Alex Costa is a crypto writer and investor specializing in researching, analyzing and reporting on promising small-cap projects that are gaining traction in the industry. He has been in crypto since 2018, when he began looking for hidden gems in crypto. Today, he is dedicated to finding the next top performing NFTs and tokens.

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