Dogecoin ETF inches closer as Bitwise submits 19b-4 filing to SEC

• Bitwise files 19b-4 for Dogecoin ETF, with Coinbase Custody and BNY Mellon managing assets
• Dogecoin ETF approval chances climb to 66%, but DOGE’s price fell by 11.69%

Bitwise has taken a major step towards launching a Dogecoin [DOGE] exchange-traded fund (ETF), with a 19b-4 filing submitted by NYSE Arca to the U.S. Securities and Exchange Commission (SEC).

The proposed ETF, if approved, will see Coinbase Custody serving as the custodian, while BNY Mellon will oversee cash management, administration, and record-keeping.

Bitwise files for Dogecoin ETF

This latest filing follows Bitwise’s earlier S-1 submission, signaling growing institutional interest in Dogecoin and its potential entry into the regulated investment landscape.

 As per the filing,

“Pursuant to the provisions of Section 19(b)(1) of the Securities Exchange Act of 1934, as amended (the “Act” or “’34 Act”) and Rule 19b-4 thereunder, NYSE Arca, Inc.(“NYSE Arca” or “Exchange”), proposes to list and trade shares of the Bitwise Dogecoin ETF (the “Trust”) under NYSE Arca Rule 8.201-E (Commodity-Based Trust Shares).”

For context, Bitwise’s proposed DOGE ETF aims to offer regulated exposure to the popular memecoin. Unlike direct holdings, ETFs operate on a cash creation and redemption model, preventing investors from transacting Dogecoin directly.

The fund’s Net Asset Value (NAV) will be determined daily using the CF Dogecoin-Dollar Settlement Price, ensuring alignment with market valuations.

With its S-1 registration filed in January, the ETF, if approved, would be among the first U.S.-listed memecoin ETFs. This will open the door for institutional and retail investors to gain secure and regulated access to Dogecoin.

Polymarket’s trend

That being said, the race for a Dogecoin ETF has already heated up, with multiple asset managers, including Bitwise, Grayscale, and Rex Shares, vying for regulatory approval.

Grayscale’s proposal appears to be the frontrunner, as the SEC has already acknowledged its filing.

Additionally, market optimism for a Dogecoin ETF approval in 2025 is surging, with Polymarket data showing a 66% probability—Up from 55% just a day prior.

However, Dogecoin’s price has struggled lately, dropping by 15.79% to $0.19, with trading volume also declining by 11.69%. This hinted at weakened market activity, despite growing ETF anticipation.

Meanwhile, there has also been a broader push for altcoin ETFs, including Cardano [ADA], Solana [SOL], Polkadot [DOT], Litecoin [LTC], and XRP. This is a sign of the SEC’s evolving stance under the new administration.

Thus, with multiple developments happening in the crypto space, it remains to be seen which altcoin ETF becomes the first one to launch.