Bitwise Seeks First Dogecoin ETF as Crypto Filings Surge
Registration for ETF tracking the seventh-largest cryptocurrency, which has gained fourfold this past year, comes amid Trump Administration's crypto-friendly stance.
Bitwise Asset Management, which has issued six crypto-focused ETFs, has taken steps to launch the first-ever Dogecoin exchange-traded fund, as the Trump administration's crypto-friendly stance sparks a flurry of crypto fund applications beyond bitcoin and Ethereum.
Bitwise, with seven ETFs valued at $2.82 billion, submitted its registration for the “Bitwise Dogecoin ETF” with Delaware’s Division of Corporations on Wednesday. The registration is not a Securities and Exchange Commission application to launch a Dogecoin ETF.
The effort comes with the latest Trump administration signaling support for cryptocurrency, a marked shift from the Biden administration's caution. The hysteria has extended to the president himself, with Rex Shares and Osprey Funds filing Wednesday to create the REX-Osprey TRUMP ETF, which the filing says will aim to track the "performance of Trump."
Read More: Trump's First Day Back Triggers Wave of New Crypto Products
Dogecoin’s market capitalization more than quadrupled over the past year to around $52.3 billion, according to CoinMarketCap. It's dropped 8.8% over the past seven days.
“This is just a registration for a trust,” Bloomberg ETF analyst James Seyffart explained in an X post. “Assuming it's real -- it's still not an official ETF filing with the SEC. At least not yet!”
Bitwise’s Dogecoin ETF registration follows applications to create products trading in XRP, HBAR, Litecoin and Solana last year. It also comes after the Trump SEC created a crypto task force headed by Commissioner Hester Peirce, a crypto supporter.
Crypto ETF applications are flooding into the SEC. ProShares filed for eight new cryptocurrency funds targeting Solana and XRP, while Calamos Investments announced plans for three bitcoin-focused ETFs with varying levels of downside protection.
Market Landscape Shifts
Bitwise's Dogecoin ETF registration follows last year's launches of the Bitwise Bitcoin ETF (BITB), which has pulled in $2.51 billion since its Jan. 10, 2025 launch, and the Bitwise Ethereum ETF (ETHW), which attracted $348.7 million since it began trading in July, according to etf.com data.
Source: etf.com
Data from market prediction website Polymarket suggests a 48% chance of SEC approval for a Dogecoin ETF this year, as the regulatory environment evolves under the current administration.
Trump’s pro-crypto stance has coincided with Dogecoin gaining institutional attention beyond its meme origins, with the newly established Department of Government Efficiency (D.O.G.E) briefly displaying the cryptocurrency’s logo on its website.
The token’s connection to D.O.G.E, an agency led by Elon Musk aimed at streamlining federal operations, has spurred additional trading interest in the cryptocurrency.
Despite the filing’s potential significance, Dogecoin’s price has dropped 1.1% over the past 24 hours, according to CoinMarketCap data.
