Get ready for some “howling” good times! According to “barking” news, Bitwise is joining the race to launch a Dogecoin ETF! Yes, you heard it right! They’ve filed an S-1 with the SEC to offer “paws-itive” exposure to DOGE!
Bitwise Wants to be Your “Top Dog” with DOGE ETF 🐺
Crypto asset manager Bitwise is “fetching” a Dogecoin (DOGE) exchange-traded fund (ETF)! They’ve submitted a filing with the U.S. Securities and Exchange Commission (SEC) to launch a product that directly holds DOGE and tracks its price movements. Just like how your favorite pup follows you around!
“Bone”-a-fide Filing Details and Custodial Arrangements 🦴
For the approval process to move forward, Bitwise needs to submit a 19b-4 filing. Coinbase Custody is the “paw-some” custodian for this ETF, just like how your dog is your most trusted friend! But, they haven’t shared details like the fund’s ticker symbol, fee structure, or the stock exchange where it would be listed. Maybe they’re still “training” their pawsome team!
“Fur-Real”! More Meme Coin ETF Applications on the Loose! 🐕💸
Bitwise isn’t the only one “chasing its tail”! More meme coin ETF applications are popping up! Osprey Funds, REX Shares, and Tuttle Capital are proposing funds tied to various meme tokens, including DOGE and Official Trump (TRUMP). Looks like the “pack” is growing!
“Bark” a Difference in Filing Approach 🐾
Bitwise’s filing is different from others, just like how every dog has its unique “woof”! They’re using the Securities Act of 1933 (33 Act) instead of the Investment Company Act of 1940 (40 Act). This means fewer “leash-ions” on leverage and short-selling. Sounds “ruff”-ly amazing!
“Paws” and Reflect on Market Reaction 🐾
Dogecoin, initially a “pup-ular” joke, has become a big deal with a $47 billion “bark-et” cap! But, after the “woof-worthy” news, DOGE’s price dropped 4%. Looks like investors are being “cat-ious”!
“Hush Puppies” – Regulatory Landscape 🤫
The regulatory landscape for meme coin ETFs is “ruff”! The SEC has been hesitant to approve crypto-based investment products. But, with changing “paw-litical” dynamics, like former President Trump’s pro-crypto stance, some think meme coin ETFs might have a chance!
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2025-01-29 17:07