Does the «Doge Mania» return? Bitwise submits ETF request from the Memecoin

The Bitwise investment firm has taken a significant step by submitting a formal application to the United States Stock Exchange and Securities Commission (SEC) to launch a Dogecoin (Doge) stock exchange (ETF) background.

The company presented an S-1 form before the regulator yesterday, January 28, With the aim of issuing a fund based on the popular Memecoin.

This movement follows a preliminary record that the company made last week before the Division of Corporations of the Department of State of Delaware, a previous and necessary step for the official presentation before the SEC.

Although the S-1 form marks a start in the process of launching an ETF, the key presentation is 19B-4. This document is essential, since it requires a rule change in the stock exchange that you want to list the ETF and establishes a strict term for the SEC to act.

When registering the ETF in Delaware, Bitwise He claims to have the legal structure in place before the application for regulatory approval.

There is another company interested in issuing a Doge ETF

This is the Second authorization request for a Dogecoin ETF before the SECafter the investment firm Rex Shares, together with Osprey Funds, presented a similar proposal last week, as Cryptonoticia reported.

Eric Balchunas, ETF specialist at Bloomberg Intelligence, stressed that Bitwise’s request is the first under Law 33similar to how Blackrock proceeded with his Bitcoin ETF, but now applied to Dogecoin.

In contrast, Rex Shares has opted for Law 40, which offers a different structure for the administration and operation of funds.

Increased ETF applications based on cryptocurrencies Indicates a change in the regulatory panoramaespecially after Gary Gensler’s departure from the presidency of the SEC.

To date, only the Bitcoin and Ether ETF have been approved in the United States, but after the investiture of President Donald Trump, The expectations for the approval of other funds have grown.

Dogecoin in the current market

Dogecoin, known as the main Memecoin, has a market capitalization of approximately 48,000 million dollars. Despite having been one of the most prominent cryptocurrencies during the 2021 bullish cycle, its current price is 55% below its historical maximum of $ 0.73 reached in May 2021.

While other cryptocurrencies such as Bitcoin have been breaking records, some analysts remain optimistic and project that Doge could reach the psychological level of 1 dollar per unit.

Bitwise’s application for a Doge ETF opens a new discussion about the integration of Memecoins into traditional financial markets. Although the success of this initiative will depend on the response of the SEC and the market behavior, it is evident that «Doge Mania» could be resurfaceing, looking for its place in the world of institutional investments.