Bitwise Asset Management has taken a step towards creating a Dogecoin-based ETF by filing with the SEC on January 23.
Details of the Filing
Bitwise's CIO, Matt Hougan, confirmed the filing aimed at eventually submitting a full ETF application. A Delaware statutory trust was formed as part of the process, allowing Bitwise to establish governance and tax advantages.
The Resurgence of Dogecoin
Originating as a joke in 2013, Dogecoin has become a well-known cryptocurrency, largely due to high-profile endorsements, such as from Elon Musk. Its rising popularity has increased interest in investing in DOGE.
Reaction to the News
The filing for a Dogecoin ETF is not unexpected among experts. Nate Geraci, President of ETF Store, pointed out DOGE's significant market position. The surge in interest in meme coins is observed not only in the U.S. but globally, with projects like Floki aiming to launch such products by 2025.
Bitwise's Dogecoin ETF filing highlights the growing interest in meme coins and their potential integration into financial products.
