Hold onto your hats, crypto enthusiasts! The world of digital assets is about to get a whole lot doge-ier. Bitwise, known for its aggressive approach to crypto ETFs, has triggered the fast-track process to launch the first U.S. spot Dogecoin ETF. This move could lead to approval within 20 days unless the SEC throws a wrench in the works.

加密貨幣愛好者，請戴好帽子！數字資產的世界即將變得更加危險。 Bitwise 因其對加密 ETF 的積極態度而聞名，已啟動快速通道流程，推出首個美國現貨狗狗幣 ETF。除非 SEC 阻止這項工作，否則此舉可能會在 20 天內獲得批准。

Bitwise Sets the Clock Ticking

按位設置時鐘滴答聲

Bitwise filed an S-1 update this week, activating Section 8(a) of the Securities Act. For those not fluent in SEC-speak, this basically means the Dogecoin ETF could go live automatically if the SEC remains silent. According to official filings, the process could wrap up by November 26, 2025.

Bitwise 本週提交了 S-1 更新，激活了《證券法》第 8(a) 條。對於那些不熟悉 SEC 語言的人來說，這基本上意味著如果 SEC 保持沉默，狗狗幣 ETF 可能會自動上線。根據官方文件，該過程可能會在 2025 年 11 月 26 日之前完成。

Bloomberg ETF analyst Eric Balchunas chimed in, stating, "The removal of the delaying amendment sets a 20-day clock in motion." So, if the SEC doesn't object, we could see a Dogecoin ETF hitting the market soon.

彭博 ETF 分析師埃里克·巴爾丘納斯 (Eric Balchunas) 插話道：“延遲修正案的取消啟動了 20 天的時鐘。”因此，如果 SEC 不反對，我們可能會看到狗狗幣 ETF 很快就會上市。

Why Dogecoin? Why Now?

為什麼是狗狗幣？為什麼是現在？

Bitwise's decision reflects confidence in the regulatory progress of crypto-based investment products. They've already launched spot Bitcoin and Ethereum products, and a Dogecoin ETF is a natural extension of their strategy to embrace popular digital assets. The SEC has been reviewing Bitwise's Dogecoin ETF since March 2025, addressing concerns about volatility and potential manipulation. This new filing restarts the process under a faster timeline.

Bitwise 的決定反映了人們對加密投資產品監管進展的信心。他們已經推出了現貨比特幣和以太坊產品，而狗狗幣 ETF 是他們擁抱流行數字資產戰略的自然延伸。自 2025 年 3 月以來，SEC 一直在審查 Bitwise 的狗狗幣 ETF，以解決對波動性和潛在操縱行為的擔憂。這份新文件以更快的時間表重新啟動了該流程。

The Competition is Heating Up

競爭正在白熱化

Bitwise isn't the only player in the Dogecoin ETF game. Grayscale has also filed to introduce its own Dogecoin ETF, starting a separate 20-day countdown. This competition underscores the growing institutional awareness of Dogecoin's liquidity and market presence.

Bitwise 並不是狗狗幣 ETF 遊戲中的唯一參與者。 Grayscale 還申請推出自己的狗狗幣 ETF，開始單獨的 20 天倒計時。這次競爭凸顯了機構對狗狗幣流動性和市場影響力的認識不斷增強。

Dogecoin's Price Reacts

狗狗幣的價格反應

News of Bitwise's filing sent Dogecoin's price up nearly one percent, even as the broader crypto market traded lower. This shows that traders are optimistic about the potential of a Dogecoin ETF. If approved, it would give retail and institutional investors easier access to DOGE through a regulated exchange.

Bitwise 提交申請的消息使狗狗幣的價格上漲了近 1%，儘管整個加密貨幣市場的交易價格較低。這表明交易者對狗狗幣 ETF 的潛力持樂觀態度。如果獲得批准，散戶和機構投資者將可以通過受監管的交易所更輕鬆地獲得 DOGE。

What's Next?

接下來是什麼？

The market is now waiting for the SEC's next move. Will they approve the Dogecoin ETF, or will they intervene? Only time will tell.

目前市場正在等待 SEC 的下一步行動。他們會批准狗狗幣 ETF，還是會進行干預？只有時間才能證明一切。

My Take

我的看法

Personally, I think a Dogecoin ETF could be a game-changer. While Dogecoin started as a meme, it has proven to be a resilient and widely recognized cryptocurrency. An ETF would legitimize Dogecoin as an investment asset, potentially attracting more institutional money and driving up its price.

就我個人而言，我認為狗狗幣 ETF 可能會改變遊戲規則。雖然狗狗幣最初是作為一種迷因，但它已被證明是一種有彈性且得到廣泛認可的加密貨幣。 ETF 將使狗狗幣作為投資資產合法化，有可能吸引更多機構資金並推高其價格。

The increasing institutional awareness of Dogecoin, as highlighted by Bitwise CIO Matt Hougan's statements about its strong daily trading volume and high investor interest, further strengthens the case for its inclusion in regulated investment products.

正如 Bitwise 首席信息官 Matt Hougan 在談到狗狗幣強勁的每日交易量和投資者的濃厚興趣的聲明中所強調的那樣，機構對狗狗幣的認識不斷提高，這進一步增強了將狗狗幣納入受監管投資產品的理由。

The Bottom Line

底線

The race to launch the first Dogecoin ETF is on, and Bitwise is making a bold move. Whether the SEC gives the green light remains to be seen, but one thing is clear: Dogecoin is no longer just a joke. It's a serious contender in the crypto world.

推出第一個狗狗幣 ETF 的競賽已經開始，Bitwise 正在採取大膽的舉措。美國證券交易委員會是否批准仍有待觀察，但有一點是明確的：狗狗幣不再只是一個笑話。它是加密世界中的有力競爭者。

So, keep your eyes peeled for updates on the Dogecoin ETF saga. It's gonna be a wild ride! Who knows, maybe someday we'll all be investing in Dogecoin ETFs while sipping Doge-branded lemonade on the moon. A guy can dream, right?

因此，請密切關注狗狗幣 ETF 傳奇的最新動態。這將是一次瘋狂的旅程！誰知道呢，也許有一天我們都會一邊投資狗狗幣 ETF，一邊在月球上喝著狗狗品牌的檸檬水。一個人可以做夢，對嗎？