Bitwise Sets Sights on Dogecoin ETF Market Debut This November

• Bitwise files for spot Dogecoin ETF with ticker BWOW and plans November launch.

• Spot Dogecoin ETF to track DOGE price; Coinbase Custody and BNY Mellon support.

Bitwise, an asset manager, is preparing its highly awaited spot ETF for Dogecoin by submitting its fourth amendment to the US Securities and Exchange Commission (SEC) in November. The amended S-1 filing notes key information, including the fees for the ETF to be competitive at 0.34%, and the ticker symbol “BWOW.” 

The FIRM also stated that it will waive the management fee for the first 30 days on DOGE holdings not exceeding $500 million. The actions of Bitwise come before a deadline of November 12 for the SEC to deliver its decision. Industry experts stated the ETF could go auto-effective and begin trading later this month on NYSE Arca, provided the SEC stays silent.

Dogecoin ETF Advances Amid Regulatory Final Countdown

Bitwise has also disclosed that Coinbase Custody will act as custodian for the trust’s Dogecoin holdings while BNY Mellon is its cash custodian partner. Also, Bitwise itself will be a seed capital investor, purchasing the first shares in the fund and initially investing $2.5 million to ensure credibility and confidence in the market. 

As Bloomberg ETF analyst Eric Balchunas noted, an “8(a) move” to make the ETF effective in 20 days without an SEC block, reinforces expectations that the ETF will be trading in the near future, pending regulatory approval.

The buzz surrounding Bitwise’s spot Dogecoin ETF has prompted an instantaneous reaction in DOGE’s market. Dogecoin’s price increased by 1.30% to $0.166. The 24-hour trading volume fell by 2% to $1.92 billion, which suggests a sentiment of caution in the larger crypto market stemming from the perceived risk of a possible move in volatility or crash.

Derivative activity reflected the positive reaction in the spot market, with DOGE futures open interest increasing by 2.30% to $1.40 billion in the last four hours, according to data from Coinglass. In addition, competing firm 21Shares has changed its Dogecoin ETF filing to target a Nasdaq listing under the name “TDOG.” As the SEC decision date approaches, it is evident that competition is mounting.

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