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Bitwise, a leading crypto asset manager, has taken the first step toward launching a Dogecoin (DOGE) exchange-traded fund (ETF). A filing with the U.S. Securities and Exchange Commission (SEC) on Tuesday confirms the submission of S-1 documents, a key requirement for listing a new security on a public stock exchange.
Bitwise’s move follows similar ETF filings from investment firms Rex Shares and Osprey Funds, which included Dogecoin and other memecoins. However, Bitwise’s filing differs, as it falls under the ‘33 Act, unlike the filings from Rex and Osprey, which were submitted under the 40 Act.
According to Bloomberg Intelligence senior ETF analyst Eric Balchunas, S-1 filings under the ‘33 Act are more common for commodity-based ETFs, whereas 40 Act filings impose stricter investor protection rules, including limits on leverage, short-selling, and fiduciary oversight.
Bitwise has several pending crypto ETF applications, including one for an XRP ETF. While submitting S-1 documents is a key step, the more decisive hurdle is the 19b-4 filing. This document signals a rule change request at the stock exchange where the ETF would be listed and triggers a firm deadline for the SEC’s response.
The regulatory landscape for memecoin ETFs has shifted significantly. Under former SEC Chair Gary Gensler, launching a spot Bitcoin ETF proved challenging. However, with Donald Trump’s return to office, the possibility of DOGE ETFs and similar products now seems more realistic.