Bitwise, a crypto asset manager, has submitted a filing with the U.S. Securities and Exchange Commission (SEC) to launch Bitwise Dogecoin ETF.
The Bitwise Dogecoin ETF application, an S-1 document, is a key step for companies seeking to issue a new security on a public exchange.
Bitwise's ETF filing stands out from similar attempts by other firms, such as Rex Shares and Osprey Funds. Unlike its competitors, Bitwise has applied under the Securities Act of 1933 (’33 Act), commonly used for commodity-based ETFs, which suggests a physically backed structure.
In contrast, Rex Shares and Osprey Funds filed under the Investment Company Act of 1940 (’40 Act), which imposes additional investor protections, including limits on leverage and short-selling, as well as stricter governance requirements.
If approved, the Bitwise Dogecoin ETF would provide investors exposure to Dogecoin, the eighth-largest cryptocurrency by market capitalization. The move follows a growing interest in crypto-based ETFs after U.S. regulators approved Bitcoin and Ethereum ETFs in early 2024, attracting institutional investment into digital assets.
While the S-1 filing is an initial requirement, a more critical step is the submission of a 19b-4 form. Bitwise has been an active player in the crypto investment space, with multiple crypto ETF applications in progress, including one for an XRP-based ETF.