Bitwise seeks automatic spot Dogecoin ETF approval with new filing

Asset manager Bitwise has filed an 8(a) form for its proposed Dogecoin exchange-traded product.

According to Bloomberg’s ETF analyst Eric Balchunas, the ETF adopts an approach that could automatically make it effective within twenty days if the US SEC doesn’t object.

The move comes after Bitwise’s BSOL (Solana Staking ETF) started trading in late October, recording staggering $56M in trading volume and $69M inflows within the first 24 hours.

Such developments reflect increasing demand from institutions and retailers interested in cryptocurrency exposure through compliant monetary vehicles.

Bitwise has established itself as a pioneer of advanced cryptocurrency ETFs.

As applicants move beyond the common Bitcoin and Ethereum exchange-traded funds, the company wants to dominate meme crypto ETFs.

Keep in mind that REX-Osprey’s Dogecoin ETF (DOJE) launched last month.

Meanwhile, the 8(a) filing underscores Bitwise’s confidence as issuers use these filings when expecting minimal objections from regulators.

While approval isn’t a guarantee, the automatic effectiveness phrase will likely pressure the SEC to respond faster.

The 8(a) filing: what is it all about?

Under the SEA (Securities Exchange Act) of 1934, 8(a) forms allow companies to apply for automatic registration of specific asset classes.

For exchange-traded funds, the Trust can go live if the SEC doesn’t object or intervene within 20 days.

The mechanism could prove crucial, especially after the new generic listing rules softened regulations.

Meanwhile, Bitwise’s 8(a) spot DOGE ETF filing reflects the firm’s conviction in no major regulatory challenges or desire to push beyond the boundaries of existing policy.

If the ETF launches without the SEC’s intervention, it might set the stage for similar applications in the coming times.

An approved Dogecoin ETF would offer investors exposure to the meme without directly holding the tokens.

The exchange-traded fund would keep DOGE in custody while tracking its real-time price movements.

Dogecoin’s mainstream journey

Dogecoin launched in 2013 as an internet joke. However, it has evolved into a financial giant with a nearly $25 billion market cap.

While social media hype, especially on X, has fueled DOGE’s growth in recent years, the project has continued to shed its meme identity.

Dogecoin is gaining real-world utility through cryptocurrency reserves and ETFs.

For instance, CleanCore plans to accumulate up to 5% of DOGE’s supply.

Spot Dogecoin ETFs mark a strategic step in transforming the altcoin from a meme token to a compliant fiscal asset.

DOGE price outlook

The original meme token has struggled lately, down 11% on the weekly timeframe.

It is trading at $0.1642 after a brief decline over the past 24 hours.

Bulls should reclaim the key level at $0.1884 to shift DOGE’s short-term trajectory to the upside. That’s a roughly 13% increase from the market price.