Bitwise Files for Dogecoin ETF

The largest memecoin in the cryptocurrency market, Dogecoin (DOGE), has been selected by Bitwise as the next asset to be established as an ETF.

According to the filing published in the early morning of January 23, 2025, the asset management company Bitwise is preparing the procedures to establish an ETF for Dogecoin (DOGE).

pic.twitter.com/KYqNCMRlF0

— James Seyffart (@JSeyff) January 22, 2025

Dogecoin is a memecoin created in 2023, inspired by the image of the famous dog Doge at that time. Through many ups and downs, Dogecoin has gradually become the largest memecoin in the cryptocurrency market with a capitalization of 53 billion USD, the 7th largest crypto in the industry.

Since 2021, Dogecoin's price movements have been closely linked to the actions of Tesla CEO and X social network owner Elon Musk, as the billionaire has shown great interest in the Doge meme and frequently shares it on his personal account. Musk has allowed his electric car company to accept DOGE payments, as well as revealed that he holds DOGE, although he has not disclosed the exact amount.

By 2024, Dogecoin has continued to attract the attention of Elon Musk with the Department of Government Efficiency (DOGE) initiative, which has been approved by new US President Donald Trump and given Musk a leadership position.

As reported, the Department of Government Efficiency announced its official website earlier this week, with the initial interface featuring the DOGE logo, before changing to a more "serious" logo.

Logo has now been changed to the following https://t.co/6PsFj92kdp pic.twitter.com/dmLjCj0GgW

— Aggr News (@AggrNews) January 21, 2025

Dogecoin has long been predicted to be one of the cryptocurrencies that could be ETFed after Bitcoin and Ethereum. ETF expert Nate Gercai recently shared: “I’m still shocked that no one has filed for a Dogecoin ETF. It’s the 7th largest cryptocurrency by market cap. Worst case, it’s a marketing expense for the issuer. But best case, it gets approved by the SEC and Elon promotes it.”

I remain shocked that no issuer has filed for Dogecoin ETF…

7th largest digital asset by market cap.

Worst case, it’s a marketing expense for the issuer.

Best case, you get an extremely lenient SEC who approves it, along w/ Elon touting it.

— Nate Geraci (@NateGeraci) January 16, 2025

Just yesterday, two fund managers, Osprey and REX, filed for seven new ETFs covering Bitcoin (BTC), Ethereum (ETH), XRP (XRP), Solana (SOL), and three memecoins: Dogecoin (DOGE), Bonk (BONK), and Official Trump (TRUMP), the official memecoin of US President Donald Trump that was launched last week and has quickly turned the crypto industry upside down.

According to statistics from Bloomberg, there are 33 crypto ETF proposals awaiting approval from the US Securities and Exchange Commission (SEC), and that number is likely to increase further given the more open regulatory environment for cryptocurrencies under the Trump administration.

33 crypto ETFs now currently filed with the SEC, the list doubled since Gensler left the building on Friday. Won't be surprised if it hits 50 within a week or two. https://t.co/YffdQkDHCy

— Eric Balchunas (@EricBalchunas) January 21, 2025

However, the price of DOGE has not only not increased but also decreased in the past 24 hours following the downward trend of the market.