Bitwise, a cryptocurrency investment management company, has filed an S-1 registration with the SEC for a DogeCoin spot ETF. This is a big step toward the possible listing of DOGE, the largest meme coin in the market, in the United States.
What does Bitwise do?
Bitwise Asset Management is a digital asset investment firm focused on cryptoassets. Since its foundation in 2017, Bitwise has quickly scaled into a leading player in the industry by offering innovative products and services for institutional and retail investors.
Probably, Bitwise is best known for its cryptocurrency exchange-traded products, better known as ETPs. These financial instruments let investors gain exposure to the cryptocurrency market much in the same way they would with a traditional stock ETF.
Additionally, Bitwise has designed a cryptocurrency market index that serves as a benchmark for many of its products. The index offers extensive diversified representation of the cryptocurrency market.
Ultimately, the company offers secure digital asset custody, through which investors can hold their cryptocurrencies, and also performs in-depth research on the cryptocurrency market, complete with insights and analysis for the benefit of investors.
Bitwise's filing
Bitwise has filed a spot ETF filing for DogeCoin with the SEC as a regulatory change opens up new avenues for investment products in the United States. Earlier, the company had filed an application in Delaware for a Doge Trust preparatory to the launch of a subsequent spot ETF.
Not just Bitwise
It isn't the only one, however: Osprey Funds and Rex Shares are also filing for a number of ETFs - including products on the meme coins Trump, Bonk and, indeed, DOGE.
DOGE: From Meme to $50 Billion Asset
From an internet meme, the DogeCoin has grown explosively, also thanks to the support of personalities such as Elon Musk, whose tweets contributed to a 10,000% rally in 2021. DOGE reached a value close to $100 billion, and then settled on a market capitalization of around $50 billion, with daily trading volumes close to $1 billion.
The Future of DOGE
Despite being highly speculative, DogeCoin has continued to be one of the most popular and capitalized cryptocurrencies in the world. This is what Matt Hougan, CIO of Bitwise, means when he says, "The reality is that there are a lot of people who want to invest in dogecoin." A spot ETF approval on DOGE would give a chance for investment to more investors, thus giving the cryptocurrency more legitimacy.
Bottom Line
In all, the DogeCoin spot ETF application put forward by Bitwise is a major development in the world of cryptocurrency and, if it comes to pass, could open up new avenues of DOGE investing. Yet to be seen is whether the SEC will allow it and how that bodes for the future of this ultra-controversial meme coin.
Bitwise's filing
Bitwise has filed a spot ETF filing for DogeCoin with the SEC as a regulatory change opens up new avenues for investment products in the United States. Earlier, the company had filed an application in Delaware for a Doge Trust preparatory to the launch of a subsequent spot ETF.
Not just Bitwise
It isn't the only one, however: Osprey Funds and Rex Shares are also filing for a number of ETFs - including products on the meme coins Trump, Bonk and, indeed, DOGE.
DOGE: From Meme to $50 Billion Asset
From an internet meme, the DogeCoin has grown explosively, also thanks to the support of personalities such as Elon Musk, whose tweets contributed to a 10,000% rally in 2021. DOGE reached a value close to $100 billion, and then settled on a market capitalization of around $50 billion, with daily trading volumes close to $1 billion.
The Future of DOGE
Despite being highly speculative, DogeCoin has continued to be one of the most popular and capitalized cryptocurrencies in the world. This is what Matt Hougan, CIO of Bitwise, means when he says, "The reality is that there are a lot of people who want to invest in dogecoin." A spot ETF approval on DOGE would give a chance for investment to more investors, thus giving the cryptocurrency more legitimacy.
Bottom Line
In all, the DogeCoin spot ETF application put forward by Bitwise is a major development in the world of cryptocurrency and, if it comes to pass, could open up new avenues of DOGE investing. Yet to be seen is whether the SEC will allow it and how that bodes for the future of this ultra-controversial meme coin.
If you liked the article, subscribe and leave a like to not miss the next updates
Here below some links if you'd like to support me:
Coinpayu (earn 1/100$ each day without cash investment)
https://www.coinpayu.com/lp4/KMatt8
Timebucks (earn 1/50$ each day without cash investment)
https://timebucks.com/?refID=225018746
Cointiply (earn 1/50$ each month without cash investment)
