Bitwise Asset Management’s Dogecoin exchange-traded fund has moved a step closer to launch, with NYSE Arca filing a 19b-4 proposal to list and trade its shares.
According to a March 3 filing, the proposed rule change would allow the exchange to offer the Bitwise Dogecoin ETF, giving investors direct exposure to the popular memecoin on the New York Stock Exchange subsidiary.
The ETF is structured as a Delaware statutory trust and will be managed under a trust agreement, with Bitwise acting as the sponsor.
The fund’s goal is to track Dogecoin’s value while covering its operational costs, with net asset value calculations tied to a pricing benchmark from CF Benchmarks Ltd. Instead of using derivatives, the ETF will directly hold Dogecoin, with only minimal cash reserves for operational purposes.
Any fees, including Bitwise’s management fee, will be paid in Dogecoin. While the ETF strictly focuses on Dogecoin, any unintended receipt of other digital assets—such as from forks or airdrops—has been disclaimed under its trust agreement.
The fund will use cash creations and redemptions, meaning investors won’t be able to contribute or withdraw Dogecoin directly.
Coinbase has been named as the fund’s Dogecoin custodian, while the Bank of New York Mellon will handle cash custody, administration, and transfer agency functions.
Bitwise filed for the registration of a Bitwise Dogecoin ETF in late January and followed up with an S-1 registration with the SEC on Jan. 28.
Bitwise isn’t the only firm eyeing a Dogecoin ETF. Rex Shares and Osprey Funds have also submitted filings for similar products alongside Grayscale. The commission acknowledged Graysacle’s application on Feb. 13.
As previously reported by crypto.news, Bitwise also submitted its S-1 for an Aptos ETF on Feb. 27, filing with the Delaware Department of State. If approved, the issuer could be the first firm in the U.S. to launch an APT-based ETF.
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