Bitwise employees plan to release an ETF based on the memcoin king Dogecoin (DOGE) by the end of November.
Erik Balcunas, an ETF analyst, said that on November 7, the firm's employees submitted documents on the registration of a new derivative in accordance with the provision of the Securities Act, according to which an investment instrument is automatically registered if there are no objections from the regulator. Thus, the DOGE-ETF will appear on November 27, if the specialists of the Securities and Exchange Commission do not intervene.
Balchunas admitted that he did not understand why the Bitwise management decided to develop an exchange-traded fund based on a meme token. Representatives of the company explained this decision by the growing demand for memcoin, however, judging by the dynamics of changes in the value of the cryptocurrency, few people want to buy it. In 2025, which turned out to be a good year for leading digital assets, many of which have updated price highs, Dogecoin, on the contrary, fell in price by 47%, and there are no signs of a reversal in the market.
Change in the value of DOGE in 2025
Another useless ETF. Take a look at the tiny influx of capital into the Litecoin ETF [with a capitalization level of $2.43 million], and DOGE is being mined along with Litecoin. No one will buy this stuff," a user named Hitachi691 reasonably noted in the comments.
However, Bitwise was not the only American company intending to issue a Dogecoin ETF. Grayscale also applied for registration of a similar derivative and will be able to list it on the stock exchange if officials do not prohibit it.