NYSE Arca has officially filed a 19b-4 document with the US Securities and Exchange Commission (SEC) to introduce a Dogecoin (DOGE) exchange-traded fund (ETF) in collaboration with Bitwise.
The filing reveals that Coinbase Custody will oversee custody of assets, while the Bank of New York Mellon (BNY Mellon) will handle cash management, administration, and record-keeping duties.
NYSE Makes Move for Bitwise Dogecoin ETF
This 19b-4 submission for the Dogecoin ETF follows Bitwise's prior S-1 filing with the SEC.
In compliance with Section 19(b)(1) of the Securities Exchange Act of 1934, NYSE Arca, Inc. intends to list and trade shares of the Bitwise Dogecoin ETF under NYSE Arca Rule 8.201-E (Commodity-Based Trust Shares), per the filing statement.
Alongside Bitwise, both Grayscale and Rex Shares have submitted applications for a DOGE ETF. Notably, Grayscale's proposal for a Dogecoin ETF is already advancing through the regulatory pipeline, with the SEC having acknowledged its submission.
With positive market sentiment building around the potential approval of a Dogecoin ETF in 2025, predictive data from Polymarket indicates a growing 67% likelihood of approval, up from 55% just a day ago.
Dogecoin ETF Approval Odds for 2025. Source: Polymarket
Bolstering this optimism, Bloomberg analysts predict a 75% probability of approval within the current calendar year. While not set in stone, the increasing chances suggest a shift in investor sentiment favoring the introduction of a regulated Dogecoin ETF this year.
This move represents a significant milestone for Dogecoin, a digital currency that started as a jest in 2013, yet has evolved into a prominent meme token with a market cap exceeding $28 billion.
Despite rising hopes, DOGE's price has dipped significantly due to broader macroeconomic influences.
DOGE Price Trend. Source: BeInCrypto
As of the latest update, the meme coin was trading at $0.19, reflecting a 15.79% decline within the last 24 hours. Trading volume has also fallen by 16.80%, indicating subdued market activity despite the buzz surrounding the ETF narrative.