%Cryptocurrency asset manager Bitwise has filed regulatory documents to launch an exchange-traded fund (ETF) tied to the price of %Dogecoin (CRYPTO: $DOGE).
Bitwise has applied to the US. Securities and Exchange Commission (SEC) to create what would be the first ETF linked to the infamous memecoin.
The filing, an S-1 document, is a requirement for companies seeking to issue a new security and have it listed on a public stock exchange in the U.S.
Earlier this month, investment managers Rex Shares and Osprey Funds filed paperwork for several crypto ETFs, including ones tied to Dogecoin and various other memecoins.
However, Bitwise’s filing differs in that it is filed under the 33 Act as opposed to the 40 Act, which Rex and Osprey filed under.
Filings under the 33 Act are typically used for niche, commodity-based ETFs while filings under the 40 Act provide stronger investor protection as it requires the issuer to meet strict SEC rules.
The 40 Act limits leverage and short-selling and requires stricter fiduciary oversight and governance. No such restrictions are placed on securities approved under the 33 Act.
Bitwise already issues several crypto ETFs and has several applications pending, including one for an XRP (XRP) ETF.
Although memecoin ETFs were viewed as impossible on Wall Street under the SEC previously, the possibility of such funds now seems more likely under U.S. President Donald Trump.
Not only has Trump promised crypto-friendly policies, but he recently launched his own memecoin called “TRUMP” coin.
Dogecoin is currently trading at $0.32 U.S., having risen nearly 300% in the last 12 months.
