Bitwise Moves to Launch First U.S. Spot Dogecoin ETF
Bitwise is advancing plans to list a Spot Dogecoin ETF in the United States. The firm submitted an 8(a) form, starting a 20-day countdown to approval if the SEC does not object. This follows an earlier S-1 registration and the creation of a Delaware entity supporting the fund.
In September, Grayscale also filed updated paperwork for its Dogecoin ETF, initiating a similar approval process. Multiple asset managers are now competing to introduce the first Spot Dogecoin ETF. This trend reflects growing institutional interest in Dogecoin’s liquidity and market presence.
Bitwise Chief Investment Officer Matt Hougan said in January that Dogecoin is already one of the largest crypto assets with strong daily trading volume. He highlighted increasing investor interest amid broader adoption discussions.
Growing Institutional Access and Regulatory Support
The rise of Dogecoin ETFs is part of a larger trend of crypto ETFs gaining mainstream acceptance. Besides Bitwise and Grayscale, firms like Osprey Funds and Rex Shares have also proposed crypto ETFs.
Regulatory changes and crypto-friendly appointments are easing ETF approval. Paul Atkins’ appointment as SEC Chair is seen as a positive development for the crypto sector. The U.S. government is working on updated rules to better regulate digital assets.
Hougan stressed that companies holding digital assets need diversified strategies. He noted, “If DATs limit themselves to that strategy, users are better off investing through exchange-traded funds.” Recent ETFs now include staking features, allowing institutions to earn rewards without managing custody internally.
Dogecoin Price Shows Signs of Recovery
Dogecoin’s price is showing early recovery signs. The 4-hour chart shows a bounce near the lower boundary of a downward channel, suggesting buyer support. However, Dogecoin is still below the Ichimoku Cloud, indicating a downtrend. The cloud’s resistance is near $0.169 to $0.174.
Currently, Dogecoin trades around $0.165. The Relative Strength Index (RSI) is near 46, indicating neutral market momentum. Holding above $0.162 could support recovery, while breaking above $0.17 may boost buyer confidence and push prices higher.
Analyst Javon Marks shared a bullish long-term outlook on X (formerly Twitter). He set a target of $0.6533, a roughly 300% increase from current levels. Marks also mentioned a secondary target near $1.23 if momentum strengthens.
The launch of a Dogecoin ETF could simplify access for both retail and institutional investors. This may increase trading volume and influence Dogecoin’s future price trajectory.
