Asset Manager Bitwise Files for Dogecoin ETF

Digital asset manager Bitwise has reportedly created a legal entity named “BITWISE DOGECOIN ETF.” The move has sparked speculation about a possible filing with the United States Securities and Exchange Commission (SEC) to launch a Dogecoin (DOGE) exchange-traded fund (ETF).

Bitwise Doge ETF likely coming soon.. and yes I checked and this is def legit (vs some whack job committing forgery for a quick pump a la BlackRock XRP that one time). pic.twitter.com/MxoswD0IFy

— Eric Balchunas (@EricBalchunas) January 22, 2025

Information obtained from the Delaware corporate registration database confirmed the entity’s creation. Although the development is not an official ETF filing with the SEC, it is interpreted as a step toward submitting such an application. 

A Dogecoin ETF by 2025?

The news has generated interest among both institutional and retail market participants, with expectations of further market movement if a formal filing occurs. Following the announcement, a Polymarket poll indicated nearly even 50% odds that the SEC might approve a Dogecoin ETF by 2025.

Notably, the news briefly impacted Dogecoin’s price, which surged 4% to $0.373 before falling back to $0.36. Over the past week, Dogecoin’s value declined by approximately 7%, while the token maintains a market capitalization exceeding $52 billion and a 24-hour trading volume of $2.8 billion.

Whale activity has also increased, driven by improved market sentiment. On-chain data shows that major holders accumulated 590 million DOGE tokens within a day.

Analyst Predicts $15 Target for DOGE

The excitement around Dogecoin has prompted various technical analyses. One analyst, Mikybull, highlighted a bullish flag pattern that could drive Dogecoin’s price to $2 if confirmed. Meanwhile, crypto analyst Ali Martinez suggested that a Dogecoin ETF approval could push the token’s value to $15.

Adding to the momentum, Osprey Funds recently filed applications for several ETFs, including Dogecoin, Trump token, Solana, Ethereum, Bitcoin, XRP, and Bonk. Notably, the TRUMP meme coin, launched last week, underscores the unconventional developments under the Trump administration.

In a separate but related development, the newly formed U.S. Department of Government Efficiency, or D.O.G.E., prominently displayed Dogecoin’s logo on its official website. The department was established via an executive order shortly after President Donald Trump’s inauguration on January 20, 2025.