Bitwise files Dogecoin ETF registration, firm confirms

Reported by The Block: Dogecoin is the seventh-largest cryptocurrency by market cap, currently sitting around $54 billion.

Doge has taken on new life in recent months thanks to the establishment of the Department of Government Efficiency.

Crypto index fund manager Bitwise has submitted a registration filing in Delaware for a potential Dogecoin exchange-traded fund, the firm's chief investment officer confirmed to The Block.

"This was from us," Bitwise Asset Management Chief Investment Officer Matt Hougan wrote to The Block Wednesday evening when asked about the registration for a "Bitwise Dogecoin ETF" with Delaware's Department of State's Division of Corporations submitted a few hours earlier.

Widely considered the first memecoin, Dogecoin was created as a joke in 2013 by software engineers Markus and Jackson Palmer. The token has taken on new life in recent months thanks to the establishment of the Department of Government Efficiency under now-President Donald Trump.

Many speculated it was only a matter of time before a sponsor filed for a Dogecoin ETF.

"I remain shocked that no issuer has filed for Dogecoin ETF," ETF Store President Nate Gercai said in a Jan. 15 post on X. "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."

In fact, the Doge logo appeared on the website of the Elon Musk-led new department earlier this week.

"Today's satire is tomorrow's ETF," Bloomberg's senior ETF analyst Eric Balchunas told The Block in November 2024. "You could ask yourself, 'is DOGE a bridge too far?' and I would say we'll see. I think someone's gonna try it because why not?"

Earlier this week, Osprey Funds and Rex Shares submitted several proposals for exchange-traded funds, one of which was a DOGE ETF.

It was also announced that the U.S. Securities and Exchange Commission's Hester Peirce will lead a crypto task force.

“The newly established crypto task force, led by Commissioner Hester Peirce, could accelerate the approval of a broader range of crypto ETFs, including SOL, XRP, LTC, DOT, and DOGE," Matt Mena, Crypto Research Strategist at 21Shares said in a statement.