Bitwise submits Dogecoin ETF application, meme coin ETFs are popping up everywhere

ETF issuer Bitwise has submitted a DOGEcoin (DOGE) ETF application, symbolizing a new milestone in the financialization of meme coins. Against the backdrop of the Trump administration's push for encryption-friendly policies, the wave of meme coin ETFs is changing the market landscape, further propelling DOGEcoin into the mainstream financial system.

Bitwise officially submits DOGEcoin ETF application

Bloomberg ETF analyst Eric Balchunas revealed that Bitwise, an encryption index fund management company, officially submitted a registration application for the DOGEcoin ETF to the Delaware Division of Companies this week.

The company's CIO, Matt Hougan, has now confirmed this news, symbolizing DOGEcoin's further convergence with mainstream finance:

This is indeed the proposal we submitted, applying for the formal name "Bitwise Dogecoin ETF".

As a meme coin launched in 2013 as a joke, the Doge team and community may never have imagined that their token would become the target of an ETF, let alone become the center of attention due to the recently established 'Department of Government Efficiency (abbreviated as DOGE)' by the Trump administration.

(The official website of the DOGE department of the US government has caused a sensation online! The price of DOGEcoin soared by as much as 20% in a single day)

ETF Store Executive Director Nate Geraci pointed out that launching a DOGEcoin ETF is only a matter of time:

DOGEcoin is the seventh largest digital asset by market capitalization. The worst outcome of launching an ETF would be the marketing cost, while the best outcome could be quickly passing the SEC and even getting support from Musk.

Optimistic regulatory outlook drives wave of applications

It is worth mentioning that Bitwise's proposal is not a single case. Several days ago, investment management company Osprey Funds and Rex Shares collaborated to submit multiple ETF applications, including DOGE, BONK, and Trump's TRUMP.

In addition, applications for ETFs for other coins such as XRP, LTC, and Solana encryption have also flooded in.

(Will CME launch SOL and XRP futures? Will encryption-related ETFs be fully unsealed?)

It is not difficult to see that with the possibility of a more friendly encryption regulatory environment under President Trump, the market seems to be filled with expectations for the approval of multiple encryption coin ETFs.

Intense competition in the ETF market

Currently, the competition in the ETF market is becoming increasingly fierce. BlackRock's Bitcoin ETF (IBIT) has become the market leader with assets under management surpassing $60.6 billion, while Fidelity's ETF (FBTC) ranks second with assets under management reaching $22.1 billion.

Kaiko analyst Adam Morgan McCarthy believes that although the Trump administration may create a more friendly regulatory environment, the approval of DOGEcoin ETF still faces challenges:

A few months ago, such a proposal was almost impossible to be approved, but even now the probability has been slightly increased, it is still very low.

DOGEcoin ETF has a bright future

As of the deadline, the price of DOGEcoin is about 0.35 US dollars, with a market value of 52.4 billion US dollars. With the booming development of meme coin ETFs, the market is highly concerned about whether these assets can successfully enter the mainstream financial system.

Eric Balchunas also indicated last November that the DOGEcoin ETF, while appearing to be a radical breakthrough, still conforms to the current regulatory trend:

What seems ironic today could become an ETF tomorrow.

This article is about Bitwise's submission of the DOGEcoin ETF application, and the proliferation of meme coin ETFs. It first appeared on ChainNews ABMedia.