NYSE Arca has taken a step towards launching the Bitwise Dogecoin ETF by filing a proposal for listing and trading its shares.
Bitwise Dogecoin ETF Listing Application
On March 3, a 19b-4 proposal was filed that would allow the exchange to offer the Bitwise Dogecoin ETF, giving investors direct exposure to the popular memecoin on the New York Stock Exchange subsidiary.
Fund Structure and Management
The ETF will function as a Delaware statutory trust and be managed under a trust agreement, with Bitwise acting as the sponsor. The fund aims to track Dogecoin's value while covering its operational costs. Net asset value calculations will be tied to a pricing benchmark from CF Benchmarks Ltd. Instead of using derivatives, the ETF will directly hold Dogecoin with only minimal cash reserves for operational purposes.
Competition and Other Initiatives
Besides Bitwise, Rex Shares and Osprey Funds also intend to launch Dogecoin ETFs, having submitted similar filings alongside Grayscale. The commission acknowledged Grayscale's application on February 13. Bitwise has also filed for an Aptos ETF registration.
If approved, the Bitwise Dogecoin ETF could mark a significant advance in legitimizing the meme cryptocurrency on official investment markets.
