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Bitwise plans a Dogecoin ETF as Trump’s pro-crypto administration takes shape
January 22, 2025
In a surprising yet not entirely unexpected move, Bitwise Asset Management has announced its plan to submit an application for a Dogecoin ETF (Exchange-Traded Fund) to the Securities and Exchange Commission (SEC). This development comes as President Donald Trump’s administration continues to shape its stance on cryptocurrency regulation.
According to Delaware corporate registration records, Bitwise is preparing to file for a Dogecoin ETF, which would mark the first time an ETF tracks this popular meme coin. The news sent shockwaves through the crypto market, causing Dogecoin’s value to surge 4% before settling at $0.36.
The move reflects growing interest in crypto ETFs and a potentially more favorable regulatory environment under Trump’s administration. Yesterday, interim SEC Chair Mark Uyeda announced the formation of a new task force, led by Commissioner Hester Peirce, aimed at establishing a clear framework for digital assets.
Industry experts have been hinting at a wave of ETF filings and potential approvals in light of this shift. As recently as last year, ETF analyst Eric Balchunas predicted that unconventional crypto products would gain traction with the new administration’s stance on regulation.
The Trump meme coin, which skyrocketed to an astonishing $8 billion valuation within just three hours of its launch, also highlights the unexpected turn events have taken under the current presidency. Notably, Osprey Funds filed for multiple ETFs yesterday, including Dogecoin, as well as tokens tied to the new meme coins.
The Trump administration’s approach has sparked a sense of optimism among market participants regarding previously seen fringe crypto products’ potential approval.
Source: cryptobriefing.com
