Bitwise Asset Management has filed an application with the SEC for a Dogecoin exchange-traded fund (ETF), showcasing the interest in a meme-focused investment product.
Bitwise's Filing
Bitwise Asset Management has filed an application with the U.S. Securities and Exchange Commission (SEC) seeking to establish an ETF tied to Dogecoin. Company's Chief Investment Officer, Matt Hougan, confirmed that this is merely a preliminary step towards a full ETF proposal. A Delaware statutory trust was filed as part of the process, providing governance and tax advantages.
The Resurgence of Dogecoin
Dogecoin, created in 2013 as a joke, has evolved into one of the most recognized cryptocurrencies. The support from high-profile figures like Elon Musk has bolstered its popularity, making the ETF application a natural progression.
New Reality in Meme Coin Market
The filing for a Dogecoin ETF was not a surprise given the rising popularity of meme coins like TRUMP coin. Analysts suggest that other altcoins, such as Litecoin, may also follow DOGE's lead, given ongoing efforts to develop similar financial products.
Bitwise's application for a Dogecoin ETF underscores the growing interest in meme coins as investment products and could pave the way for similar initiatives in the future.
