Bitwise Asset Management has filed for a Dogecoin ETF entity in Delaware, a move that will focus on the industry's seminal meme coin.
The asset management firm registered the “BITWISE DOGECOIN ETF” as a legal trust on Wednesday through CSC Delaware Trust Company of Wilmington, according to a filing on Wednesday.
A source familiar with the matter confirmed Decrypt Bitwise is working on the Dogecoin ETF over the phone, though details of the process are sparse and confidential for now.
Observers note that the Delaware registration represents only the first administrative step in a potential ETF launch.
“This is just a registration of a belief. Assuming it is true […] It's still not an official ETF filing with the SEC,” said Bloomberg senior analyst James Seifert He wrote By X.
Seyfert's statements indicate that the Delaware file is inherently preparatory. Despite its legitimacy, the submission can be misinterpreted as an EFF proposal. The Delaware statutory trust serves as the legal framework for companies like Bitwise to launch investment products such as ETFs.
A registered trust provides tax benefits to the business, maintains transparent management and separates any ETF assets from the company's other business activities.
In this case, Bitwise would still need to file a comprehensive application with the SEC before any potential product could come to market.
Bitwise, which manages more than $12 billion in crypto assets, has positioned itself and its products as a path to institutional crypto adoption.
The firm has previously expressed interest in expanding its ETF offerings beyond major cryptocurrencies. In October 2024, Bitwise moved to Merge Its Bitcoin and Ethereum ETF offerings. In the year In November presented For Solana ETF.
The Delaware registration follows similar preparatory activities seen before previous crypto ETF applications. Asset managers protect businesses ahead of formal SEC filings.
The timing also increases institutional appetite for crypto exposure through regulated products. A number of asset managers have launched various crypto-related ETFs in recent weeks.
Van Eyck presented For the “onchain economy” ETF on January 15, while “Protected” Bitcoin ETFs Likewise, the Securities and Exchange Commission was greenlit for trading this week.
Edited by Sebastian Sinclair.
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