Dogecoin ETF: The Wild Ride to Riches or Just Another Meme?

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Well now, gather ’round, folks, for I bring tidings of a curious venture that has tickled the fancy of the financial world! Bitwise, that enterprising bunch, has taken the plunge and submitted their official S-1 filing to the U.S. Securities and Exchange Commission, all in the name of a spot Dogecoin ETF. Yes, you heard it right—Dogecoin! The very currency that started as a jest and now seems to be strutting about like a peacock in a barnyard. 🦚

On the 28th day of January, Bitwise made their intentions as clear as a summer’s day, formalizing their desire to launch this peculiar exchange-traded fund. Just a few days prior, on the 22nd, they had already tipped their hand in Delaware, hinting at this grand scheme. And lo and behold, Bloomberg’s own ETF oracle, James Seyffart, took to the digital ether known as X to proclaim that while we all saw this coming, it’s now as official as a cat in a top hat. 🎩

“We knew this was coming because they filed to register the trust last week but this makes it official with the SEC.”

— James Seyffart (@JSeyff) January 28, 2025

But hold your horses! Bitwise ain’t the only player in this doggone game. Just a week earlier, on the 21st, Rex Shares and Osprey Funds, those crafty financiers, had also thrown their hats into the ring, filing for a DOGE ETF along with a motley crew of other cryptocurrencies, including the likes of Official Trump (TRUMP), Solana (SOL), Bitcoin (BTC), and Ripple (XRP). It’s a veritable circus of coins! 🎪

Now, let’s not forget the allure of ETFs, which promise investors a cornucopia of benefits—diversification, cost efficiency, liquidity, and transparency. Why, it’s like having your cake and eating it too, without the risk of crumbs on your fancy trousers! A Dogecoin ETF would allow investors to ride the wild waves of DOGE’s price without the hassle of crypto wallets or exchanges. What a time to be alive! 🍰

According to the wise sages at CoinDesk, Bitwise’s ETF is filed under the “33 Act,” while Rex and Osprey are under the “40 Act.” Now, I’m no lawyer, but it seems to me that the 40 Act is like a strict schoolmarm, keeping a close eye on the rascals and ensuring they don’t get too rowdy. Meanwhile, the 33 Act is more like a laid-back uncle who lets you stay up late and eat all the candy you want. 🍬

“This is the first ‘33 Act (a la $IBIT) doge filing. Rex has on e filed under 40 Act but that isn’t the same true blue physically backed structure.”

— Eric Balchunas (@EricBalchunas) January 28, 2025

But let’s not get too carried away, for while a DOGE ETF might make it easier for investors to dip their toes into the Dogecoin pool, it also raises a few eyebrows. You see, meme coins have a reputation for being as stable as a one-legged man in a butt-kicking contest. On the 16th of January, Max Buwick of Burwick Law had the audacity to declare that meme coins are the “ultimate evolution of multi-level marketing scams.” Well, bless his heart! He believes these coins prey on the desperate souls of humanity, lacking any solid foundation. Yet, as the CEO of CryptoQuant so eloquently put it, whether we like it or not, Trump has ushered in a new era of meme coins! 🎉

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2025-01-29 07:14