TL;DR
- Key Filing Milestone: NYSE Arca has submitted a rule change to list Bitwise’s Dogecoin ETF, marking a significant push towards regulated crypto investment.
- Institutional Backing: The ETF will leverage partnerships with Coinbase as custodian and Bank of New York Mellon for cash custody, integrating traditional finance structures with crypto.
- Market Impacts: Despite recent volatility and a 15% dip in Dogecoin’s price, experts remain optimistic about the ETF’s approval, reflecting growing regulatory momentum in the crypto space.
NYSE Arca has officially filed a proposed rule change to list and trade shares of the Bitwise Dogecoin ETF. The filing, submitted on March 3, to the SEC, marks a critical step towards bringing a regulated Dogecoin investment product to market. If approved, the ETF would provide both institutional and retail investors with direct exposure to Dogecoin, the popular memecoin.
Institutional Partnerships and Structure
The Bitwise Dogecoin ETF seeks to make crypto investing easier by providing a structure that feels familiar to traditional investors. Coinbase will act as the custodian for the ETF’s Dogecoin, guaranteeing safe management of the digital assets.
The Bank of New York Mellon will manage cash custody and administrative tasks, adding more trust to the proposal. These collaborations highlight the increasing connection between traditional finance and the cryptocurrency world.
Market Reactions and Price Movements
Despite the optimism surrounding the ETF filing, Dogecoin’s price has not been immune to the broader crypto market turbulence. The memecoin has shed over 15% of its value, sliding to $0.19 as broader crypto volatility took its toll.
The recent decline, in line with the overall crypto market crash, wiped out the gains from the excitement over Donald Trump’s announcement about crypto reserves. This shows that just speculation about ETFs is not enough to support Dogecoin’s price in an unstable market.
Broader Implications for the Crypto Market
The filing of the Bitwise Dogecoin ETF is part of a broader trend of increasing interest in cryptocurrency-based investment products. The SEC is also looking at Grayscale’s Dogecoin Trust, in addition to the Bitwise ETF, and a decision is anticipated by mid-October 2025.
Approval of either product could change everything, turning Dogecoin from a meme into a real investment option. Additionally, other altcoin ETF proposals have emerged, including those for assets like Cardano, Solana, Polkadot, Litecoin, and XRP.
A surge in applications indicates that both memecoins and well-known altcoins are finding their place in the regulated investment market, which could make crypto assets more attractive.
Market observers are growing more optimistic about the likelihood of the ETF being approved. Polymarket currently shows a 67% likelihood of the SEC greenlighting the product, while Bloomberg analysts are even more bullish, pegging the odds at 75% before the year’s end.
