Bitwise Files for SEC Approval of Dogecoin ETF in Latest Submission
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Bitwise Asset Management has made a significant move by officially submitting a filing to the US Securities and Exchange Commission (SEC) on Tuesday for a Dogecoin exchange-traded fund (ETF).

This development marks the second filing for a Dogecoin ETF, with Rex Shares having made a similar move just last week.

In a bold move, Bitwise filed an S-1 form with the SEC on January 28 to introduce a Dogecoin ETF, a strategic decision following its earlier application to establish a Dogecoin ETF through a Delaware trust.

The renowned Bloomberg analyst, James Seyffart, confirmed, "We knew this was coming because they filed to register the trust last week, but this makes it official with the SEC."

Bitwise now joins Rex Shares in filing ETF applications for multiple meme coins, including DOGE, Bonk (BONK), and the TRUMP token associated with Donald Trump.

Noteworthy is the unique aspect of Bitwise's filing. Eric Balchunas, a seasoned ETF analyst at Bloomberg, emphasized that the filing was made under the Securities Act of 1933.

Balchunas highlighted, "This is the first '33 Act (a la $IBIT) doge filing. Rex has once filed under 40 Act, but that isn't the same true blue physically backed structure."

The distinction lies in the fact that ETFs filed under the Securities Act of 1933 are physically backed, implying that they actually hold the underlying asset, which in this case is Dogecoin.

It is crucial to note that ETFs under the Investment Company Act of 1940 follow a different operational structure and may not involve direct ownership of the asset.

Furthermore, Bitwise has suggested Coinbase Custody as the proposed custodian for its spot DOGE ETF in its filing; however, certain key details remain undisclosed, such as the proposed fee, ticker symbol, or the stock exchange of listing upon approval.

Following Bitwise's Dogecoin ETF filing, betting odds on the prediction platform Polymarket surged to a record high of 56%, showing great optimism for approval. As of the latest update, the odds stand firm at 55%.

Bitwise continues to navigate the rising tide of cryptocurrency ETF filings, having already launched spot Bitcoin (BTC) and Ethereum (ETH) ETFs while having filed applications for Solana (SOL) and XRP (XRP) ETFs.

Although the journey for the Bitwise 10 Crypto Index Fund is still pending SEC review, the fund aims to track the performance of the ten largest cryptocurrencies by market cap, with the review now extended until March 2025.

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