Bitwise, a crypto index fund manager, has filed an S-1 document with the Securities and Exchange Commission (SEC) seeking approval to launch an exchange-traded fund (ETF) tied to the price of Dogecoin (DOGE).
The filing with the securities regulator came about a week after Bitwise registered a Dogecoin ETF trust in the state of Delaware.
Is a DOGE ETF Imminent?
The SEC must approve two forms, S-1 and 19b-4, for listing and trading ETFs on public exchanges. The S-1 forms are submitted by the issuer with product details, while the 19b-4 forms, submitted by the listing exchange, outline conditions and amend listing rules for a new product.
Bitwise is not the first company to seek approval for a Dogecoin ETF. Earlier, Rex Shares and Osprey Funds sought regulatory approval for several crypto ETFs, including Dogecoin. However, the two firms’ S-1 filings for a Dogecoin ETF differ.
Bitwise is seeking a DOGE ETF under the 33 Act rather than the 40 Act, which Rex and Osprey filed under, Bloomberg Intelligence senior ETF analyst Eric Balchunas pointed out.
This is the first ‘33 Act (a la $IBIT) doge filing. Rex has on e filed under 40 Act but that isn’t the same true blue physically backed structure
— Eric Balchunas (@EricBalchunas) January 28, 2025
S-1 filings under the 33 Act are generally used for specialised, commodity-based ETFs, while the 40 Act offers stronger investor protection by imposing additional SEC requirements. For example, the 40 Act restricts leverage and short-selling and enforces stricter fiduciary oversight and governance.
The Changing Crypto Landscape in the US
Crypto companies have been trying to list ETFs on public exchanges for years. The floodgates opened after the SEC first approved the listing and trading of 11 Bitcoin ETFs simultaneously on US exchanges in January 2024. Later, the Ethereum ETF also received approval.
Bitwise is already one of the issuers of Bitcoin and Ethereum ETFs. In addition to Dogecoin, the asset manager has filed for approval for XRP and Solana ETFs.
Interestingly, former SEC Chair Gary Gensler was critical of cryptocurrencies. However, after Donald Trump became President, crypto-friendly Mark Uyeda was appointed Acting SEC Chair until the nomination of Paul Atkins receives Senate approval. Now, it remains to be seen how the new SEC leadership will approach crypto.
President Trump also recently appointed a working group to explore potential cryptocurrency policies in the US.
Bitwise, a crypto index fund manager, has filed an S-1 document with the Securities and Exchange Commission (SEC) seeking approval to launch an exchange-traded fund (ETF) tied to the price of Dogecoin (DOGE).
The filing with the securities regulator came about a week after Bitwise registered a Dogecoin ETF trust in the state of Delaware.
Is a DOGE ETF Imminent?
The SEC must approve two forms, S-1 and 19b-4, for listing and trading ETFs on public exchanges. The S-1 forms are submitted by the issuer with product details, while the 19b-4 forms, submitted by the listing exchange, outline conditions and amend listing rules for a new product.
Bitwise is not the first company to seek approval for a Dogecoin ETF. Earlier, Rex Shares and Osprey Funds sought regulatory approval for several crypto ETFs, including Dogecoin. However, the two firms’ S-1 filings for a Dogecoin ETF differ.
Bitwise is seeking a DOGE ETF under the 33 Act rather than the 40 Act, which Rex and Osprey filed under, Bloomberg Intelligence senior ETF analyst Eric Balchunas pointed out.
This is the first ‘33 Act (a la $IBIT) doge filing. Rex has on e filed under 40 Act but that isn’t the same true blue physically backed structure
— Eric Balchunas (@EricBalchunas) January 28, 2025
S-1 filings under the 33 Act are generally used for specialised, commodity-based ETFs, while the 40 Act offers stronger investor protection by imposing additional SEC requirements. For example, the 40 Act restricts leverage and short-selling and enforces stricter fiduciary oversight and governance.
The Changing Crypto Landscape in the US
Crypto companies have been trying to list ETFs on public exchanges for years. The floodgates opened after the SEC first approved the listing and trading of 11 Bitcoin ETFs simultaneously on US exchanges in January 2024. Later, the Ethereum ETF also received approval.
Bitwise is already one of the issuers of Bitcoin and Ethereum ETFs. In addition to Dogecoin, the asset manager has filed for approval for XRP and Solana ETFs.
Interestingly, former SEC Chair Gary Gensler was critical of cryptocurrencies. However, after Donald Trump became President, crypto-friendly Mark Uyeda was appointed Acting SEC Chair until the nomination of Paul Atkins receives Senate approval. Now, it remains to be seen how the new SEC leadership will approach crypto.
President Trump also recently appointed a working group to explore potential cryptocurrency policies in the US.
