Dogecoin ETF: The Investment Opportunity You Didn’t Know You Needed! 🐶💰

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What to know:

  • In a move that could only be described as audacious, Bitwise has submitted an S-1 document to the Securities and Exchange Commission, aiming to tether an ETF to the whims of dogecoin. Yes, you heard that right—dogecoin! 🐕💸
  • This bold step follows the trail blazed by investment managers Rex Shares and Osprey Funds, who have also thrown their hats into the crypto ETF ring, dogecoin included. Because why not? 🤷‍♂️
  • But wait! Bitwise has chosen to file under the 40 Act, a decision that comes with a set of stricter rules—because who doesn’t love a good set of regulations to spice things up? 🎩📜

In a delightful twist of fate, crypto asset manager Bitwise has decided to grace us with the prospect of an exchange-traded fund (ETF) linked to the price of dogecoin (DOGE). A filing with the US Securities and Exchange Commission on a fine Tuesday reveals this thrilling endeavor.

The S-1 document, a necessary formality for those wishing to issue a new security and bask in the glow of a public stock exchange, has been dutifully submitted.

Earlier this month, our friends at Rex Shares and Osprey Funds also filed paperwork for a variety of crypto ETFs, dogecoin being one of the more colorful contenders in this circus of memecoins.

However, Bitwise’s filing stands apart, as it has opted for the ‘33 Act instead of the 40 Act, a choice that Bloomberg Intelligence’s senior ETF analyst Eric Balchunas has pointed out with a raised eyebrow.

S-1s under the ‘33 Act are typically reserved for niche, commodity-based ETFs, while the 40 Act offers a veritable fortress of investor protection, demanding that issuers adhere to a plethora of SEC rules. The 40 Act, for instance, limits leverage and short-selling—because who needs that kind of excitement? 🎢

Bitwise, the proud issuer of several crypto ETFs, has a few applications pending, including one for an XRP (XRP) ETF. The suspense is palpable!

While the S-1 document is merely the first step in this grand adventure of launching an ETF, the pièce de résistance is the 19b-4 filing, which signals a necessary rule change at the stock exchange. This ties the SEC to a strict deadline—because nothing says “fun” like a ticking clock! ⏰

Once upon a time, the idea of memecoin ETFs was as far-fetched as a cat learning to play the piano under the watchful eye of Gray Gensler’s SEC. Yet, with the dawn of President Donald Trump’s administration, the landscape has shifted dramatically.

Not only has Trump promised crypto-friendly policies, but after launching his own memecoins, TRUMP and MELANIA, it’s become abundantly clear that the President himself is quite the aficionado of memecoins. Who knew? 🎉

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2025-01-29 01:17