Bitwise Asset Management Prepares for Dogecoin ETF Launch
Bitwise Asset Management has taken a significant step towards launching its first Dogecoin-focused exchange-traded fund (ETF). On Jan. 22, the firm registered a Delaware statutory trust with Delaware’s Division of Corporations, a common preparatory step for introducing financial products.
Market Impact
- Following the news, DOGE’s value dropped by around 5% in the last 24 hours.
- DOGE was also included in a series of filings by Rex Shares for crypto ETFs.
Dogecoin ETF Speculation
Although Bitwise has not officially commented on the filing, analysts believe it signals the firm’s intention to launch a Dogecoin ETF. Market observers view this move as a typical early-stage effort in the crypto ETF application process.
Analyst Insights
- Bloomberg’s senior ETF analyst, Eric Balchunas, described the filing as significant and suggested a potential forthcoming application to the SEC.
- James Seyffart, another Bloomberg ETF analyst, clarified that the filing was not yet a formal submission to the SEC.
Institutional Interest in ETFs
Bitwise’s registration coincides with a growing institutional interest in crypto-related ETFs. With 33 crypto ETFs currently under review by the SEC, there is a rising demand for regulated investment options in the crypto market.
Future Outlook
- Bloomberg analyst, Eric Balchunas, predicts a potential increase in the number of ETF applications in the coming weeks.
- Spot Bitcoin ETFs are expected to dominate the market, attracting significant inflows and managing substantial assets.
