Bitwise Company has officially filed for registration of an exchange-traded fund (ETF) based on Dogecoin (DOGE), as demand for meme coins is rapidly increasing. The application for the Bitwise Dogecoin ETF appeared in the Delaware Department of Corporations in the evening of January 22. And this is no joke: Bitwise confirmed the registration to The Block publication. Registration in Delaware is a preliminary step before submitting the official ETF proposal to the U.S. Securities and Exchange Commission (SEC). This step creates a legal entity that will manage the fund but is not yet an actual application for ETF approval.
If regulatory bodies such as the SEC approve the Dogecoin ETF, it will provide institutional legitimacy to the meme coin and may attract more conservative investors. The growth in demand could potentially increase the price of DOGE.
As of January 23, Dogecoin is the largest meme coin in the world with a market capitalization of $52 billion. Over the past year, its price has more than tripled amid the historic rise of bitcoin and the establishment of the Department of Government Efficiency (abbreviated D.O.G.E) in the USA. This non-governmental body is headed by technocrat Elon Musk, and it aims to reduce government spending and optimize the work of federal officials.
On January 21, the official D.O.G.E. website briefly displayed the Dogecoin logo, but it was later removed. However, the obvious connection with the meme coin caused a frenzy among traders who consider DOGE a bet on the success of the D.O.G.E. department initiatives.
A few days earlier, Osprey Funds and Rex Shares also submitted several proposals for exchange-traded funds, including DOGE ETF.
As of January 23, the value of DOGE coin is $0.3552 (+6.78% for the month).
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