Bitwise has formally submitted a registration submitting for a dogecoin exchange-traded fund (ETF) as memecoin demand grows throughout the market.
A “Bitwise Dogecoin ETF” was submitted late Wednesday and appeared on the Division of State’s Division of Companies within the U.S. state of Delaware. Such filings could usually be a spoof, however Bitwise confirmed the registration in a message to The Block.
https://x.com/EricBalchunas/standing/1882202309293433217
That got here on the again of funding managers Rex Shares and Osprey Funds submitting paperwork for a number of crypto exchange-traded funds (ETFs), together with one for dogecoin.
An ETF approval by regulatory our bodies just like the SEC would supply dogecoin with institutional validation, probably attracting extra conservative buyers to the memecoin. Elevated demand might drive up DOGE costs if the product captures even a small fraction of the inflows seen by bitcoin ETFs (over $50 billion up to now yr).
DOGE is the world’s largest memecoin with a market capitalization of $52 billion as of Thursday. It has greater than tripled up to now yr as a speculative token that follows bitcoin’s positive aspects and, extra not too long ago, the creation of a Division of Authorities Effectivity within the U.S.
Abbreviated D.O.G.E, the non-governmental company is led by technocrat Elon Musk and goals to cut back authorities spending whereas streamlining Federal employee operations. It was first proposed in mid-October and formally acknowledged throughout Donald Trump’s swearing-in ceremony on Monday.
D.O.G.E’s web site briefly displayed a dogecoin token brand on Tuesday, which was later up to date to show simply its identify. Nonetheless, the obvious connection to the memecoin has spurred demand amongst merchants, who could use DOGE as a wager on the work the D.O.G.E company does.