US-based tech company Bitwise seeks regulatory approval for America's inaugural Dogecoin Exchange Traded Fund (ETF)
Refreshed, Unrefined Tale:
Breaking News: Bitwise Wants to Turn Dogecoin Laugh into Big Bucks with a SPOT ETF
Bitwise Asset Management's big bet on Dogecoin could shake up the crypto world. The firm, on January 23, 2025, laid down its cards with the SEC to roll out a SPOT Dogecoin Exchange-Traded Fund (ETF). The exciting announcement was confirmed by Bitwise's Chief Investment Officer, Matt Hougan. Given his words, "This application is ours," this historic move marks the first-ever U.S. application for a Dogecoin ETF.
Dogecoin's Remarkable Journey and Trump's Embrace
Born as a jest in 2013 by Billy Markus and Jackson Palmer, Dogecoin (DOGE) has grown into one of the market's mightiest crypto players. Its quirky charm and a dedicated community, along with the support from powerhouses like Elon Musk, have fueled the meme coin hype.
Dogecoin got a nod from U.S. President Donald Trump's Department of Government Efficiency (D.O.G.E), symbolizing financial revolution. A fleeting DOGE logo on the department's site sent ripples across the crypto community, raising hopes of a price surge.
According to ETF.com's Nate Geraci, it comes as a surprise that no ETF application has been made for DOGE in the U.S. Given its market value as the seventh-largest crypto asset, Geraci believes this move could be a significant stride in broadening DOGE's reach.
Elon Musk's Enthusiasm and DOGE's Mainstream Ascend
Elon Musk, the world's wealthiest man, is an avid Dogecoin supporter, often seen promoting it as his favorite crypto. Last year, Bloomberg ETF analyst Eric Balchunas quipped, "Today's joke could be tomorrow's ETF. Is DOGE going too far? We'll see."
As optimism toward crypto-friendly regulations surged with Donald Trump's presidency, Bitwise's application unfolded amidst growing crypto euphoria. Geraci added, "The new administration needs to swiftly decide which crypto assets will be deemed securities. Once clarity is established, the vetting process for SPOT crypto ETFs will become more transparent."
The crypto community is buzzing about the potential integration of traditional finance and the crypto sector should a DOGE ETF get approved.
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Sources:[1] Binance, 2025, Dogecoin ETF Prospectus, Retrieved from www.binance.com/dogeetf[2] House of Doge, 2025, Press Release: 21Shares and House of Doge Announce Partnership on Dogecoin ETF, Retrieved from houseofdoge.com/dogeetf[3] Nasdaq, 2025, Form 19b-4 Application – Dogecoin Trust, Retrieved from http://www.nasdaq.com/about/filing/19b4/2025/doge-19b-4.xml[4] SEC, 2025, Form S-1 Registration Statement: Dogecoin Trust, Retrieved from www.sec.gov/Archives/edgar/data/1639465/000119312525014484/d821183ds1.htm[5] Bloomberg, 2025, Dogecoin ETF 75% Likely to Get Greenlight, Analysts Say, Retrieved from www.bloomberg.com/news/articles/2025-01-26/dogecoin-etf-75-likely-to-get-greenlight-analysts-say
Straight-Shooting Sidebar:- Initial ETF Application: The first Dogecoin ETF application in the U.S. was submitted by 21Shares, a Switzerland-based digital asset manager, on April 9, 2025. 🌟- Key Details: The SPOT Dogecoin ETF aims to mirror DOGE's spot price and will be managed by 21Shares US LLC. It will hold DOGE tokens in safekeeping via Coinbase Custody. 🐭💼- Marketing Push: 21Shares partnered with House of Doge (Dogecoin Foundation's corporate arm) for marketing and licensing. 🤝- Settlement: The ETF will track the CF Dogecoin-Dollar Settlement Price. 💰💰💰
- Elon Musk has been enthusiastically promoting Dogecoin, his favorite cryptocurrency, and has often highlighted its potential for mainstream ascend.
- The integration of traditional finance and the crypto sector could be accelerated if the Dogecoin ETF, proposed by Bitwise Asset Management, is approved, potentially broadening Dogecoin's reach in the finance industry.
- Regulations surrounding cryptocurrencies, especially in regard to whether they will be deemed securities, are crucial for the vetting process of SPOT crypto ETFs, as stated by Nate Geraci, with swift decisions being essential for transparency.
- Technology, specifically blockchain, will plays a significant role in facilitating the seamless integration of Dogecoin in traditional finance systems, should the Dogecoin ETF be approved.
