Towards a Dogecoin ETF starting this month? Bitwise revives speculation

Dogecoin, the craziest crypto on the market, could soon find its way into institutional portfolios. Bitwise has filed a new spot ETF application with the SEC, removing remaining administrative hurdles. The green light could come within twenty days… and trigger a new rush towards Elon Musk's favorite meme.

Bitwise goes on the offensive with its Dogecoin ETF

Bitwise, one of the largest crypto asset managers, has just withdrawn its delaying amendment with the SEC, making possible the rapid listing of the Bitwise Dogecoin ETF.

If the federal agency does not object within twenty days, the fund will automatically become active, opening the door to the first Dogecoin ETF managed by a major institutional player.

This is not the first time that US investors can gain exposure to DOGE. In September, Rex Shares and Osprey Funds already led the way with the DOJE ETF, which saw trading volume of over $17 million upon launch.

But Bitwise entry changes the situation: the manager, renowned for his rigor and his educational approach to the crypto market, could make Dogecoin a mainstream investment product.

Financial advisor Ric Edelman believes that “Bitwise is right: investors need to be able to access a diverse range of digital assets.” According to him, altcoin ETFs will follow the trajectory of Bitcoin ETFs, now capitalized at more than $150 billion.

An institutional turning point for DOGE

Created in 2013 as a simple parody of Bitcoin, Dogecoin has gradually established itself as one of the most striking symbols of Internet culture. What was just a joke between developers has become, over the years, a true popular icon of the crypto-economy, driven by offbeat humor, a loyal community and unexpected support: that of Elon Musk.

Today, Dogecoin is no longer a digital gadget. It is among the ten largest cryptocurrencies in the world, with a capitalization of $25.4 billion.

Since the announcement of the filing of the Bitwise ETF, its price has jumped 13%, reaching $0.18, a level still far from its all-time high of $0.73 reached in 2021, but which reflects a return of the speculative appetite for the market's favorite “meme coin”.

This dynamic is part of a broader context: that of the explosion of crypto ETFs. According to Bloomberg, more than 90 applications for authorization have been filed with the SEC by asset managers from both traditional finance and the crypto ecosystem.

A craze fueled by the relaxation of admission criteria for funds backed by digital commodities, and by the colossal success of Bitcoin and Ethereum ETFs, today valued at $150 and $20 billion in assets under management, respectively.

In short, with the imminent arrival of the Bitwise Dogecoin ETF, the line between serious finance and Internet culture is blurring even further. This product could well transform the joke into an institutional asset… and remind us that in crypto, even memes can be worth billions.