On March 4, NYSE Arca, a subsidiary of the New York Stock Exchange (NYSE), officially filed a 19b-4 application with the U.S. Securities and Exchange Commission (SEC) to seek approval for listing and trading the Bitwise Dogecoin ETF. If approved, this will be one of the first memecoin ETFs in the U.S., providing a legal investment opportunity for Dogecoin (DOGE).
How The Bitwise Dogecoin ETF Operates
The cash creation and redemption model adopted by the Bitwise Dogecoin ETF eliminates the complexities of directly handling Dogecoin, making it more accessible to institutional and retail investors alike. This structure helps mitigate risks associated with self-custody, private key management, and liquidity constraints, providing a seamless investment experience.
By leveraging Coinbase Custody’s secure storage solutions, investors can have confidence in the safety of their assets, as the custodian is regulated and follows industry-leading security protocols. Meanwhile, the Bank of New York Mellon’s role in cash management and administration ensures smooth operational efficiency, reinforcing the ETF’s credibility in the eyes of traditional market participants.
The launch of this ETF marks a significant step forward in bridging the gap between cryptocurrency and mainstream finance. If approved, it could pave the way for greater institutional adoption of Dogecoin and memecoins in general, further integrating digital assets into regulated investment vehicles.
SEC Approval Prospects
The 19b-4 filing is just the first step in the ETF approval process. The SEC may take up to 240 days to make a final decision, including multiple review phases and requests for additional information if needed. However, since Mark Uyeda replaced Gary Gensler as SEC Chair in January 2025, the agency has shown a more open stance toward crypto, which could provide an advantage for the Bitwise Dogecoin ETF in its approval process.
Currently, Dogecoin is the largest memecoin by market capitalization, valued at approximately $29 billion. The DOGE community hopes that the ETF will enhance its legitimacy and drive price growth.
Despite expectations that news of the Dogecoin ETF would drive DOGE’s price up, the memecoin has instead dropped over 12% in the past 24 hours, currently hovering around $0.19. This decline is largely influenced by the overall market correction, triggered by President Trump’s official implementation of tariffs on Canada, Mexico, and China.
Grayscale’s Ambition For Altcoin ETFs
The pursuit of the HBAR ETF is part of Grayscale’s strategy to expand its investment portfolio. Previously, the company launched ETFs for Solana (SOL), XRP, Dogecoin (DOGE), Polkadot (DOT), and Cardano (ADA). With this approach, many experts speculate that Grayscale may be preparing to introduce an index ETF that aggregates multiple altcoins in the future.
At the time of writing, the price of HBAR has dropped 9.9% in the past 24 hours, reflecting the broader market correction trend. This decline aligns with typical price fluctuations seen on major trading platforms, as multiple cryptocurrencies experience selling pressure during market corrections.
What’s Next For Crypto ETFs?
As crypto ETFs gain increasing attention, the likelihood of the SEC approving a Dogecoin ETF in 2025 has climbed to 67% on the Polymarket prediction platform. This surge in confidence reflects growing market optimism about the broader acceptance and potential legalization of digital assets through ETFs. If approved, the Dogecoin ETF could provide institutional investors with a regulated pathway to gain exposure to DOGE, further legitimizing its presence in traditional financial markets.
However, DOGE and HBAR prices remain affected by short-term market factors, struggling to maintain stability amid ongoing economic shifts. Both cryptocurrencies have experienced a sharp decline of over 10% in the past 24 hours, largely driven by heightened market uncertainty and investor reactions to new financial policies introduced by President Trump.
As the crypto market remains highly volatile, staying informed with accurate and timely updates is crucial. Follow MevXBot to stay ahead of the latest trends in crypto ETFs and effective investment strategies.
