The launch of the ETF follows a lengthy review of Bitwise's application by the US Securities and Exchange Commission (SEC), which postponed its decision.

BWOW intends to track the price of DOGE, and the underlying assets will be held in the Coinbase Custody trust, the company announced. Bitwise also stated that its ETF is not registered under the US Investment Company Act of 1940 and therefore is not subject to the rules governing mutual funds. This means that investors in BWOW are exposed to the same risks as those directly holding DOGE.

Bitwise's management believes that the Dogecoin coin has reached a level worthy of being an investment product tradable on traditional exchanges. Dogecoin is among the top 10 cryptocurrencies by market capitalization, with a market capitalization of $22.8 billion and a daily trading volume of approximately $1.5 billion.

A few days ago, investment firm Grayscale launched a DOGE ETF, the first spot exchange-traded fund in the US for this meme coin. However, on the first day of GXRP's launch, inflows were near zero, according to analysts at SoSoValue.