Bitwise has taken a notable step toward capitalizing on the growing demand for memecoins by filing for a Dogecoin exchange-traded fund (ETF). The “Bitwise Dogecoin ETF” was registered on Wednesday with the Department of State’s Division of Corporations in Delaware. While such filings often spark skepticism due to the possibility of hoaxes, Bitwise confirmed the registration to The Block, clarifying that this initial step is a precursor to submitting an official ETF proposal to the Securities and Exchange Commission (SEC). This filing essentially establishes the legal framework for the fund but does not equate to an SEC approval process—at least not yet.
The move by Bitwise follows similar filings from investment managers Rex Shares and Osprey Funds, both of whom have expressed interest in launching crypto-focused ETFs, including those tied to Dogecoin. If the SEC ultimately approves a Dogecoin ETF, it would mark a significant milestone for the memecoin, potentially legitimizing it in the eyes of institutional investors. Such validation could attract a wave of conservative market participants, boosting demand for DOGE and possibly driving up its price. Analysts point to the massive inflows seen by bitcoin ETFs—over $50 billion in the past year—as evidence of the transformative potential of such products. Even capturing a small fraction of that volume could significantly impact Dogecoin’s market.
As of Thursday, Dogecoin remains the largest memecoin globally, boasting a market capitalization of $52 billion. Its price has surged more than threefold over the past year, riding on the back of speculative interest and bitcoin’s broader gains. However, the recent creation of a U.S. Department of Government Efficiency (D.O.G.E)—a non-governmental agency led by Elon Musk—has added an unexpected layer of intrigue to the memecoin’s narrative.
The D.O.G.E agency, officially acknowledged during Donald Trump’s swearing-in ceremony, aims to streamline federal worker operations and reduce government spending. Initially proposed in October, it has quickly garnered attention not only for its mission but also for its coincidental acronym, which aligns perfectly with Dogecoin’s ticker symbol. The agency’s website briefly featured the Dogecoin logo earlier this week before switching to display only the agency’s name.
Despite the change, traders and enthusiasts have seized on the apparent connection between the agency and the memecoin, fueling a surge in demand for DOGE. Many view the token as a speculative proxy for the agency’s performance, with its association to Elon Musk further amplifying interest.
While the prospects of a Dogecoin ETF and the buzz surrounding the D.O.G.E agency are exciting developments, they also underscore the speculative nature of memecoins and their ability to thrive on cultural and market trends. Whether Bitwise’s ETF application materializes into a full-fledged product or remains an initial filing, it’s clear that Dogecoin continues to find new ways to captivate the imagination of traders and investors alike.