YEREVAN (CoinChapter.com) — NYSE Arca has submitted a 19b-4 proposal to the U.S. Securities and Exchange Commission (SEC) to list and trade shares of the Bitwise Dogecoin ETF. The filing, made on March 3, seeks regulatory approval for a spot Dogecoin ETF, allowing investors to gain exposure to Dogecoin (DOGE) through a structured financial product.
According to the filing, Coinbase will serve as the Dogecoin custodian, while Bank of New York Mellon will oversee cash custody, administration, and transfer agency services. The ETF will use cash creations and redemptions, meaning investors will not directly deposit or withdraw Dogecoin from the fund.
Bitwise Dogecoin ETF Advances After S-1 Filing
Bitwise previously filed an S-1 registration statement for the Dogecoin ETF with the SEC in late January. The NYSE Arca rule change proposal is the next step in the approval process. If the SEC approves the application, this could become one of the first memecoin ETFs listed in the United States, allowing both institutional and retail investors to gain exposure to Dogecoin under regulatory oversight.
The filing is part of a broader wave of altcoin ETF applications. Recent changes in regulatory positions have encouraged firms to introduce crypto-based investment products, expanding options beyond Bitcoin ETFs.
Dogecoin Price Declines Despite ETF Filing
Despite the ETF proposal, Dogecoin’s price dropped over 15% on the day, falling to $0.19. The decline follows a broader crypto market downturn, which erased gains triggered by Donald Trump’s U.S. crypto reserve statement on March 2.
Market data indicates that Dogecoin’s price movement has not been significantly impacted by the ETF filing. The SEC’s timeline for reviewing the Bitwise Dogecoin ETF remains uncertain, and investors are monitoring developments.
SEC Reviews Multiple Crypto ETF Applications
The SEC is currently reviewing several altcoin ETF filings from different issuers. These include funds tracking Cardano (ADA), Solana (SOL), Polkadot (DOT), Litecoin (LTC), and XRP.
On March 3, Nasdaq also submitted a 19b-4 filing for the Grayscale Hedera Trust ETF, which would track HBAR, the native token of the Hedera Network. This follows an earlier Nasdaq filing in late February for a Hedera-based ETF from Canary Capital.
In a separate development, the SEC acknowledged Grayscale’s Dogecoin Trust filing on Feb. 13, starting the official review process. A decision is expected around mid-October, depending on the SEC’s review timeline.
With multiple crypto ETFs under regulatory review, the outcome of these filings could influence the availability of crypto investment products in the U.S. market.
