Bitwise Pursues Dogecoin ETF Amid Surging Memecoin Interest

The growing demand for memecoins has prompted Bitwise to file for a Dogecoin exchange-traded fund (ETF), signaling potential institutional interest in the token.

Late Wednesday, Bitwise submitted a registration filing for a "Bitwise Dogecoin ETF" with Delaware's Department of State Division of Corporations. While such filings can sometimes be speculative, Bitwise confirmed the authenticity of the registration. This move establishes a legal entity for managing the ETF, a key step before submitting a formal proposal to the SEC.

The filing follows similar actions by investment firms Rex Shares and Osprey Funds, which are also exploring crypto-focused ETFs, including those tied to Dogecoin. If approved by regulators, a Dogecoin ETF could enhance the token’s legitimacy, drawing in more conservative, institutional investors. Even a modest inflow—similar to the $50 billion seen by Bitcoin ETFs in the past year—could significantly impact DOGE prices.

Dogecoin, the largest memecoin globally, currently boasts a $52 billion market capitalization. Its value has tripled over the past year, driven by speculative trading and broader crypto adoption.

Adding to the buzz, the creation of the Department of Government Efficiency (D.O.G.E) in the U.S. has sparked further intrigue. Led by Elon Musk, this agency focuses on reducing government spending and improving federal worker efficiency. Although D.O.G.E is a non-governmental entity, its coincidental abbreviation and brief use of the Dogecoin logo have fueled speculation about a connection, boosting DOGE's popularity among traders.

As interest in Dogecoin and memecoins continues to rise, the Bitwise Dogecoin ETF could mark a pivotal moment for the token, potentially transforming it from a speculative asset into a mainstream financial instrument.