Bitwise Investment Advisers LLC has formally submitted a registration statement to the U.S. Securities and Exchange Commission (SEC) for a proposed Bitwise Dogecoin ETF. This exchange-traded fund (ETF) aims to provide investors with direct exposure to dogecoin’s (DOGE) market price. Dated Jan. 28, 2025, the filing outlines the fund’s structure, indicating that it will hold dogecoin rather than derivatives and will rely on the CF Dogecoin-Dollar Settlement Price to track its value. This pricing benchmark, managed by CF Benchmarks Ltd., derives from aggregated trade data across major dogecoin exchanges.

Regulatory approval would allow the ETF’s shares to be listed on a yet-to-be-determined exchange under an unspecified ticker symbol. Designed as a passively managed fund, it will not employ active trading strategies to respond to price fluctuations.

Shares of the ETF will be issued and redeemed in 10,000-share increments by authorized participants, according to the filing. Investors will be able to buy and sell shares on the open market, though prices may differ from the fund’s net asset value (NAV). Bitwise Investment Advisers LLC will act as the fund’s sponsor, collecting an annual management fee, though specific costs have not been disclosed. Coinbase Custody Trust Company LLC will oversee the secure storage of the fund’s DOGE holdings.

The filing makes clear that the ETF will not participate in staking or lending, stating:

Neither the trust, nor the sponsor, nor the dogecoin custodian, nor any other person associated with the trust will, directly or indirectly, engage in actions where any portion of the trust’s dogecoin is used to earn additional dogecoin or generate income or other earnings.

This distinction separates the ETF from other cryptocurrency investment vehicles that incorporate yield-generating mechanisms.

The registration request comes amid a growing push by asset managers to introduce cryptocurrency-based ETFs, particularly in the wake of former SEC Chair Gary Gensler’s departure. Optimism within the industry has increased following the approval of spot bitcoin and ethereum ETFs, leading to speculation that additional cryptocurrency funds could soon gain regulatory clearance. Among the digital assets being considered for ETFs are XRP, solana (SOL), and litecoin (LTC), as financial firms seek broader integration of crypto assets into traditional investment markets. While the SEC’s stance on these proposals remains uncertain, industry leaders see the expansion of cryptocurrency ETFs as a step toward greater institutional acceptance.

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