The world’s most recognized memecoin is set to come under the ETF umbrella as NYSE Arca has officially filed a 19b-4 request with the US Securities and Exchange Commission (SEC), seeking permission to list and trade the Bitwise Dogecoin ETF. If approved, this product would represent one of the first US-listed Dogecoin-focused exchange-traded funds, offering regulated access to a token that began as an internet parody but has evolved into a multibillion-dollar digital asset.
Dogecoin ETF Gets One Step Closer
On March 3, the New York Stock Exchange subsidiary submitted a formal proposal—known as a 19b-4—asking the SEC to consider rule changes that would permit Bitwise’s ETF to be listed under NYSE Arca Rule 8.201-E, which governs Commodity-Based Trust Shares.
The filing articulates: “Pursuant to the provisions of Section 19(b)(1) of the Securities Exchange Act of 1934, as amended (the ‘Act’ or ‘34 Act’) and Rule 19b-4 thereunder, NYSE Arca, Inc. (‘NYSE Arca’ or ‘Exchange’), proposes to list and trade shares of the Bitwise Dogecoin ETF (the ‘Trust’) under NYSE Arca Rule 8.201-E (Commodity-Based Trust Shares).”
Bitwise initially signaled its intentions in late January by filing an S-1 registration form with the SEC, outlining its plan to launch a Dogecoin ETF. The 19b-4 filing now serves as the next critical step in the regulatory process, enabling the SEC to begin a formal review period.
One of the standout elements of Bitwise’s proposal is the institutional infrastructure behind it. Coinbase Custody is prepared to serve as the custodian for the fund’s DOGE holdings, safeguarding the cryptocurrency. Meanwhile, the Bank of New York Mellon (BNY Mellon) is anticipated to oversee cash custody, administration, and record-keeping, ensuring that traditional financial mechanisms remain in place.
The ETF is structured to utilize cash creations and redemptions, thereby preventing investors from contributing or receiving DOGE directly. According to the filing, the fund will track the price of Dogecoin using the CF Dogecoin-Dollar Settlement Price, a pricing benchmark that calculates a daily Net Asset Value (NAV) closely reflective of the token’s market value.
Bitwise is not alone in its pursuit of a Dogecoin ETF. Grayscale and Rex Shares have also submitted proposals for similar products. Notably, Grayscale’s DOGE ETF filing has already been acknowledged by the SEC, marking a significant milestone in the path toward potential approval. For Grayscale, the official “acknowledgement” triggers a formal countdown for the regulator to review and make decisions, placing a possible final decision window around mid-October.
As the SEC deliberates on these proposals, market observers have grown increasingly optimistic that 2025 could see the approval of a Dogecoin ETF. According to prediction markets, odds have surged significantly in recent weeks. Bloomberg analysts have also weighed in, suggesting the likelihood of any Dogecoin ETF approval could be as high as 75%.
At press time, DOGE traded at $0.19.
