Bitwise Aims to Establish a Dogecoin ETF

On January 22, 2025, asset management firm Bitwise initiated procedures to establish an ETF for Dogecoin (DOGE), marking a significant milestone for a digital currency once regarded as a “joke.”

Dogecoin, created in 2013 featuring the iconic Shiba Inu dog, has now become one of the largest memecoins in the market. With a current market capitalization of approximately $53 billion, DOGE ranks as the 7th largest cryptocurrency globally.

The growth of Dogecoin is closely tied to billionaire Elon Musk. From sharing memes to enabling DOGE payments at Tesla, Musk has played a key role in elevating the status of this digital currency. The pinnacle of this association came with the Department of Government Efficiency (DOGE) initiative, approved by newly elected President Donald Trump.

The crypto market is experiencing a new trend, with funds like Osprey and REX filing ETFs for various cryptocurrencies, including memecoins such as Dogecoin, Bonk, and even the recently launched TRUMP token. Currently, 33 crypto ETF proposals are awaiting approval from the U.S. Securities and Exchange Commission (SEC), signaling a more favorable regulatory environment for digital assets.

Related: BitWise Seeks to Launch Multi-Asset ETF for 10 Cryptocurrencies

The launch of a Dogecoin ETF is seen as a significant step forward, demonstrating the increasing maturity and credibility of this digital currency, which was once underestimated.