Bitwise has reportedly registered a legal entity for a Dogecoin ETF, creating speculation of an imminent filing with the United States Securities and Exchange Commission (SEC). This development briefly boosted the price of Dogecoin, which touched $0.373 before settling near $0.36 at the time of reporting.
Bitwise Moves Toward a Dogecoin ET Filing
According to information accessed on the Delaware corporate registration website, Bitwise has created a legal entity named “BITWISE DOGECOIN ETF.” This is not an official ETF filing with the SEC, but it is seen as a stepping stone to such a submission.
In most cases, ETF registrations are made after setting up the legal structure that follows the filing of Form S-1 with the SEC. Market participants are likely to see Bitwise submit the necessary documentation in the near future, with Dogecoin joining other digital assets that have been proposed for ETFs by issuers.
Bloomberg ETF analyst Eric Balchunas also confirmed this stating that; “This is real and not a market manipulation scheme.” Balchunas had estimated that a DOGE ETF could launch in as soon as April 2025 if it gets the green light.
DOGE Price Reaction and Whale Activity
News of the registration led to a slight increase in Dogecoins value, which spiked to 4% and trading at $0.373 before dropping back to $0.36. This announcement has garnered interest from institutional and retail investors, with more action expected from the price if an official ETF filing is made.
At the same time, whale activity has risen due to improving sentiment. According to data provided by Santiment, the majority holders have accumulated 590 million DOGE tokens in the last one day. To the excitement, the icon of Dogecoin has been displayed on the website of the newly formed U.S. Department of Government Efficiency or D.O.G.E. It was created by an executive order shortly after the inauguration of President Donald Trump on January 20, 2025.
Other technical analysts have also come up with possible price predictions for Dogecoin. Trader Mikybull posted a chart indicating a bullish flag pattern which could propel DOGE to $2 if the pattern is confirmed. Nonetheless, crypto analyst Ali Martinez anticipates that the price may rise to $15 if a Dogecoin ETF is granted approval.
Growing Momentum for Crypto ETFs
The potential filing of a Dogecoin ETF comes as the SEC has shown greater willingness to approve cryptocurrency-related funds. Bitcoin and Ethereum ETFs were recently greenlit, signaling a shift in regulatory attitudes.
The resignation of former SEC Chair Gary Gensler has further fueled speculation around the approval of spot cryptocurrency ETFs. Rex Osprey, an asset manager overseeing $8 billion, has also filed for a Dogecoin fund, adding to the momentum.
Observers believe a Dogecoin ETF would increase institutional adoption and provide retail investors with easier access to the cryptocurrency.
Kelvin Munene Murithi
Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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