Bitwise Shakes Up the Market with Spot Dogecoin ETF Filing

Eric Balchunas, Bloomberg’s senior ETF analyst, announced that Bitwise has taken a significant step by filing an 8(a) form for a Spot Dogecoin ETF. This submission is strategically important, as it will be automatically approved on the stock exchange within 20 days unless the U.S. Securities and Exchange Commission (SEC) intervenes. Bitwise’s move marks the beginning of the activation process for the ETF, according to Balchunas.

Bitwise’s Initiative Spurs SEC Timeline

Bitwise has officially filed the 8(a) form under U.S. securities laws to list a Spot Dogecoin ETF. Unlike the traditional approval process, the 8(a) form ensures that the ETF becomes effective automatically if the SEC does not interfere within the stipulated 20 days. Balchunas emphasized the rapid pace of the process, stating, “Bitwise plans to activate it within 20 days with the 8(a) move.” This declaration indicates that the first Dogecoin-focused spot ETF is effectively on track to commence trading in the U.S. market.

Considering the SEC’s past regulatory stance on Bitcoin and Ethereum ETFs, the Dogecoin ETF process is being closely monitored. Balchunas noted that the application could proceed without direct SEC approval, but warned that intervention by the regulatory body could prolong the process. Through the 8(a) form, Bitwise aims to expedite the approval process and gauge institutional investment interest in Dogecoin.

A New Era for Dogecoin’s Market Status

With this ETF move, Dogecoin’s identity as a memecoin is being redefined within an institutional framework. Bitwise’s initiative exemplifies how cryptocurrency classes are increasingly integrating into traditional financial products. Should the SEC remain silent, the Dogecoin ETF is expected to begin trading by mid-December, which could directly influence DOGE‘s price movements and market perception.

Experts believe Bitwise’s application could set a precedent not just for Dogecoin, but for altcoins as a whole to gain a foothold in the ETF market. The potential to attract institutional investors elevates Dogecoin from its humor-based origins to appear on the scene of regulated financial products. In this regard, the 8(a) filing becomes not only a technical procedure but also a symbol of financial legitimacy for the memecoin.

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