Bitwise Prepares for Potential Dogecoin ETF with Delaware Registration

Bitwise Asset Management has taken a significant step toward a potential Dogecoin ETF by registering a Dogecoin ETF entity in Delaware. This move could pave the way for exchange-traded funds centered on the iconic meme-based cryptocurrency.

The firm registered "BITWISE DOGECOIN ETF" as a statutory trust on Wednesday through CSC Delaware Trust Company in Wilmington, according to a filing.

Bitwise is actively working on a Dogecoin ETF, though specific details remain sparse and confidential, according to Decrypt. Observers caution that the Delaware registration is merely an initial administrative step. "This is just a registration for a trust. Assuming it’s real [...] it’s still not an official ETF filing with the SEC," Bloomberg Senior Analyst James Seyffart noted on X. Seyffart’s remarks clarify that while legitimate, the filing is preparatory and should not be misconstrued as an official ETF proposal.

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Delaware statutory trusts serve as legal frameworks that allow firms like Bitwise to create investment products, including ETFs. These trusts provide tax benefits, establish governance structures, and separate potential ETF assets from other company activities.

Despite the registration, Bitwise must still submit a comprehensive application to the SEC before launching any Dogecoin ETF. The asset management firm, which oversees more than $12 billion in crypto assets, has positioned itself as a leader in institutional crypto adoption. Bitwise has previously indicated interest in expanding its ETF offerings beyond major cryptocurrencies, combining Bitcoin and Ethereum ETFs in October 2024 and filing for a Solana ETF by November 2024.

The registration mirrors similar preparatory moves seen before prior crypto ETF applications, as asset managers typically establish business entities in advance of formal SEC filings.

The development also aligns with rising institutional interest in regulated crypto products. In recent weeks, multiple asset managers have filed for various crypto ETFs. For example, VanEck submitted an “onchain economy” ETF filing on January 15, while “protected” Bitcoin ETFs were approved by the SEC for trading earlier this week.