Towards a Dogecoin ETF as early as this month? Bitwise reignites speculation

Dogecoin, the quirkiest crypto on the market, could soon enter institutional portfolios. Bitwise has filed a new spot ETF application with the SEC, removing the last administrative barriers. The green light could come within twenty days… triggering 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Bitwise, one of the largest crypto asset managers, has just withdrawn its delaying amendment with the SEC, making a quick listing of the Bitwise Dogecoin ETF possible.

If the federal agency raises no objection within twenty days, the fund will automatically become active, thus opening the door to the first Dogecoin ETF managed by a major institutional player.

This is not the first time American investors could get exposure to DOGE. In September, Rex Shares and Osprey Funds had already paved the way with the DOJE ETF, which recorded a trading volume of over $17 million at its launch.

But Bitwise’s entry changes the game: the manager, known for its rigor and educational approach to the crypto market, could make Dogecoin a mainstream investment product.

Financial advisor Ric Edelman believes that “Bitwise is acting rightly: investors should have access to a diversified range of digital assets.” According to him, altcoin ETFs will follow the trajectory of Bitcoin ETFs, now capitalized at over $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 among developers has become, over the years, a genuine popular icon of the crypto economy, supported by quirky humor, a loyal community, and an unexpected supporter: Elon Musk.

Today, Dogecoin is no longer a digital gadget. It ranks among the top ten largest cryptocurrencies worldwide, with a market capitalization of $25.4 billion.

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

This momentum fits within a larger context: the explosion of crypto ETFs. According to Bloomberg, over 90 approval requests have been filed with the SEC by asset managers from both traditional finance and the crypto ecosystem.

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

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