Bitwise, the world’s biggest crypto index fund manager has applied for a spot Dogecoin The ETF for DOGE is based on a new SEC filing. Bitwise is the third applicant to apply for a DOGE-based ETF. It wants to expand its Bitcoin and Ethereum offerings. “When the Trust creates or redeems its Shares, it will do so in blocks of 10,000 Shares (each, a “Basket”) based on the quantity of Dogecoin attributable to each Share of the Trust (net of accrued but unpaid expenses and liabilities) multiplied by the number of Shares (10,000) comprising a Basket (the “Basket Amount”),” It is written in the document.
JUST IN: 🇺🇸 Bitwise files for spot Dogecoin $DOGE ETF.
— Watcher.Guru (@WatcherGuru) January 28, 2025
This development has been hailed as extremely positive. Dogecoin has been requested as an ETF for many years because of DOGE’s immense popularity. The development could be extremely bullish for Dogecoin, allowing it to reach new highs.
Dogecoin’s popularity is growing rapidly due to the strong connection it has with Tesla CEO Elon Musk. Musk taking over the Department of Government Efficiency – also known as D.O.G.E – has also greatly boosted the popularity of Dogecoin. Musk’s first speech included a surprise phrase that stated how he plans to use the token. “DOGE to Mars.” It was a sentence that caused a great deal of confusion, which gave the phrase more power.
Also Read: Dogecoin: How To Become A Millionaire With DOGE By 2030?
Dogecoin ETF to be added to Bitwise’s current crypto offerings
Bitwise offers already six ETFs that are crypto-focused. Bitwise’s seven current ETFs have a value of $2.82billion. It is anticipated that the latest DOGE ETF will have fewer obstacles to overcome compared with previous applications. This is due to the fact that the US presidential administration promises to be much more crypto-friendly.
Dogecoin’s price dropped over 15% during the week. The latest SEC filing will certainly give DOGE a boost. The Dogecoin ETF, if approved, could drive the meme coin’s price sky high, just as Bitcoin ETF drove BTC.
Bitwise is yet to make a comment about the Dogecoin ETF application, the first time a DOGE ETF has been introduced into regulated US markets. “Today’s satire is tomorrow’s ETF,” Eric Balchunas, Bloomberg ETF Expert in a Post to X. AI predicts that if SEC approves Dogecoin as an ETF the price of Dogecoin could reach $0.50. Later, the portal adds that sustained inflows into the DOGE ETF could push the token’s price to $0.75 or $1. Doge could reach $1.50 in the future if Doge ETF becomes successful right away.
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Source: watcher.guru
