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Dogecoin’s Big Moment? Bitwise Takes First Step Toward ETF Launch

Bitwise Files for Dogecoin ETF Amid Growing Memecoin Demand

Bitwise has officially taken the first step toward launching a Dogecoin exchange-traded fund (ETF), signaling growing interest in memecoins within the financial market. The preliminary registration for the “Bitwise Dogecoin ETF” was filed late Wednesday with the Department of State’s Division of Corporations in Delaware.

While such filings often raise skepticism, Bitwise confirmed the legitimacy of the registration to The Block. This Delaware filing is an early step to establish the legal entity managing the potential ETF and is separate from seeking approval from the Securities and Exchange Commission (SEC).

Bitwise joins a growing trend, as investment firms like Rex Shares and Osprey Funds have recently filed paperwork for several crypto ETFs, including one focused on Dogecoin. Approval of a Dogecoin ETF by regulators like the SEC could bring institutional credibility to the popular memecoin, potentially attracting a more cautious class of investors. Even capturing a fraction of the inflows seen by Bitcoin ETFs—totaling over $50 billion in the past year—could significantly boost DOGE prices.

Dogecoin, with a market capitalization of $52 billion as of Thursday, has cemented its position as the world’s largest memecoin. Its value has tripled in the past year, fueled by speculative trading tied to Bitcoin’s momentum and recent developments such as the establishment of the Department of Government Efficiency (D.O.G.E) in the U.S.

D.O.G.E, a non-governmental agency led by technocrat Elon Musk, aims to cut government spending and streamline federal operations. First proposed in October, it gained formal recognition during Donald Trump’s swearing-in ceremony earlier this week.

Notably, the D.O.G.E website briefly displayed Dogecoin’s iconic token logo, sparking speculation and excitement among traders. Although the logo was later replaced with a text-based design, the perceived link to the memecoin has driven increased demand, with many viewing DOGE as a speculative proxy for the agency’s success.

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