The 2025 crypto narrative seems to continue much like 2024 ended: with memecoins and exchange-traded funds (ETFs).
This time it’s Dogecoin (DOGE) that’s in the spotlight because Bitwise Asset Management has just established a legal entity for a potential Dogecoin ETF by filing a statutory trust in Delaware.
Read more: Dogecoin Surges as Trump Government’s ‘D.O.G.E.’ Launches Website with Doge Logo
Though details remain confidential, the registration is a first administrative step toward a potential launch of a DOGE ETF. While the filing does not guarantee such a launch is imminent, it signals Bitwise’s serious exploration of bringing Dogecoin into a more mainstream investment vehicle.
Bloomberg ETF analyst James Seyffart said the news was “true if big”, which probably means it’s a big deal.
Seyffart added that, if true, the registration is for a trust not an “official ETF” filing with the US Securities and Exchange Commission (SEC).
While the filing is preliminary and aimed at setting up a legal framework for an ETF, it should not be mistaken for an actual ETF proposal. Although the trust registration provides tax benefits, clear governance, and asset separation for Bitwise, a formal ETF launch would still require a detailed application to the SEC.
Seyffart: Only Time Will Tell if SEC Ready to Approve Dogecoin ETF
However, a possible Dogecoin ETF is not the only hot memecoin topic right now. TRUMP, Donald Trump’s recently launched memecoin is also said to be considered for a fund.
Applicants Rex-Osprey recently filed for a Dogecoin and Bonk ETF (and a TRUMP ETF as mentioned), as well as one for Bitcoin, Ethereum, Solana and XRP.
The SEC, now under new interim leadership by acting SEC Chairman Mark Uyeda, is widely expected to be more proactive in its approach to the crypto sector.
SEC Commissioner Hester Peirce will be leading a task force established to explore how the regulator can create a “regulatory environment that protects investors, facilitates capital formation, fosters market integrity, and supports innovation”.
Expectations are high that the SEC will also approve several altcoin ETFs, with 30 plus applications now pending.
Although Seyffart isn’t entirely convinced that even a more pro-crypto SEC will actually allow a memecoin ETF.
“These are the first filings we’ve seen for memecoin ETFs in the US. […] I’m not sure that even a libertarian-minded and Republican-controlled SEC will want to approve these products. But time will tell.”
