Bitwise, the crypto asset management firm, has submitted an application for a Dogecoin ETF through a Delaware trust.
This step is limited to registering the trust and still requires a formal filing with the SEC for approval.
Meme Coin ETFs Are Gaining Attention
A surge in ETF filings has emerged since Gary Gensler stepped down as SEC Chair last Friday. Among these filings, meme coin ETFs are capturing significant interest.
Rex Shares recently submitted applications for ETFs involving TRUMP, BONK, and DOGE, alongside Bitcoin and Ethereum ETFs.
Earlier today, BONK saw a price surge driven by increased investor interest following Rex Shares’ ETF filing. The rising demand for BONK signals the possibility of sustained price momentum. Dogecoin could witness similar price action if its ETF application gains approval.
Back in September 2024, Bitwise’s Matt Hougan expressed optimism about ETF opportunities for Solana and meme coins.
Growing Institutional Interest in Meme Coins
Interest in meme coins has grown significantly in recent days. The launch of the TRUMP meme coin by the US President has played a major role in this trend.
Reports show that 40% of TRUMP coin buyers were first-time crypto investors, highlighting the appeal of meme coins beyond the crypto sector. This could explain why firms like Bitwise are moving quickly to develop an ETF for Dogecoin, a leading meme coin.
Meme coins are also entering institutional markets outside the US. Floki also plans to launch an exchange-traded product (ETP) in Europe by early 2025.
Meanwhile, analysts believe Litecoin could become the first altcoin after Ethereum to secure ETF approval. Nasdaq has already filed Form 19b-4 to list Canary Capital’s proposed Litecoin ETF. This filing aligns with Canary’s recent S-1 amendment and feedback from the SEC.
Overall, with Bitwise’s latest filing, it’s evident that asset managers are looking to bring meme coins to the retail investment markets soon.
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