Bitwise registers Dogecoin ETF in Delaware as crypto interest grows

Bitwise Asset Management has taken a significant step by registering a Dogecoin (CRYPTO:DOGE) ETF entity in Delaware, signaling potential growth in cryptocurrency exchange-traded funds (ETFs).

The firm registered the "BITWISE DOGECOIN ETF" as a statutory trust through CSC Delaware Trust Company, indicating its intention to explore investment products centered around the popular meme coin.

While a source confirmed that Bitwise is indeed working on a Dogecoin ETF, specifics regarding its progress remain confidential.

James Seyffart, a senior analyst at Bloomberg, noted that the Delaware registration is merely an administrative step and does not constitute an official ETF filing with the Securities and Exchange Commission (SEC).

“This is just a registration for a trust. Assuming it’s real [...] it’s still not an official ETF filing with the SEC,” Seyffart stated.

The establishment of a Delaware statutory trust allows Bitwise to lay the groundwork for future investment products while providing tax benefits and governance structures.

However, Bitwise must submit a comprehensive application to the SEC before any potential product can be launched.

The timing of this registration aligns with increasing institutional interest in cryptocurrency products, particularly under the current regulatory environment.

Analysts predict that Dogecoin could become one of the first meme coins to have an ETF, especially as traditional financial institutions show growing interest in cryptocurrencies.

Eric Balchunas, another Bloomberg analyst, expressed optimism about the potential for a Dogecoin ETF by stating that it is “definitely legitimate and not an attempt to manipulate markets.”

The registration follows similar preparatory actions from other asset managers who are also seeking approval for various crypto-related ETFs.

 At the time of reporting, the Dogecoin (DOGE) price was $0.3555.