Bitwise Asset Management has taken a major step toward Starting the first U.S. spot Dogecoin Exchange-Traded Fund (ETF). The firm updated its regulatory filing on November 7, 2025, effectively setting the stage for the ETF to go live later this month.
According to Bloomberg ETF analyst Eric Balchunas, Bitwise removed a “delaying amendment” from its S-1 registration with the U.S. Securities and Exchange Commission (SEC). This procedural change automatically initiates a 20-day countdown period under Section 8(a) of the Securities Act. Unless the SEC intervenes, the ETF becomes effective once this period expires—potentially paving the way for a November 26 start date.
Balchunas described Bitwise’s strategy as a “let the clock run” approach, suggesting the company’s confidence that the SEC is unlikely to block the filing. This move marks another significant milestone for the crypto ETF industry, which has rapidly expanded following the introduction of spot Bitcoin and Ethereum funds earlier this year.
ETF Could Starts Without Explicit SEC Approval
The removal of the delaying amendment is an unusual but legally permissible pathway to activation. Under Section 8(a), an ETF filing automatically takes effect after 20 days unless the SEC specifically issues a stop order or request for further review.
If the SEC refrains from taking action, Bitwise’s Dogecoin ETF will become effective around November 26, 2025, making it the first U.S.-listed ETF directly holding Dogecoin (DOGE).
Bitwise’s move comes amid a broader wave of institutional interest in cryptocurrency-based investment products. The firm has previously started successful Bitcoin and Ethereum ETFs, and the addition of Dogecoin represents an effort to cater to retail and institutional investors seeking diversified crypto exposure.
Structure and Custody Details of the ETF
According to the filing, the Bitwise Dogecoin ETF will directly hold Dogecoin (DOGE) as its underlying asset, tracking the CF Dogecoin-Dollar Settlement Price—a benchmark index that reflects DOGE’s spot market value.
The ETF will list on NYSE Arca, one of the leading exchanges for crypto-related funds. While the ticker symbol and management fee have not yet been disclosed, the filing confirmed key operational partnerships:
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Coinbase Custody will serve as the ETF’s crypto custodian, responsible for safeguarding DOGE reserves.
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BNY Mellon will manage the ETF’s cash holdings, ensuring liquidity and secure fund management.
This hybrid structure aligns with regulatory expectations for transparency and investor protection, ensuring both traditional and crypto-native oversight.
Growing Institutional Interest in Dogecoin
The potential approval of the Bitwise Dogecoin ETF follows the earlier debut of the REX-Osprey DOGE ETF in September 2025, signaling growing confidence in DOGE as a viable institutional asset.
Bloomberg analysts currently estimate a 90% or greater chance that multiple Dogecoin ETFs could start trading by the end of the year. This reflects the SEC’s evolving stance toward digital asset products and its recent track record of approving single-asset crypto ETFs, such as those based on Bitcoin and Ethereum.
Dogecoin, originally created as a lighthearted alternative to Bitcoin, has evolved into a major digital asset with robust trading volumes and broad global recognition. Institutional acceptance through ETFs could further legitimize its role in the crypto market and drive greater liquidity.
Market Reaction and DOGE Price Performance
Despite the encouraging regulatory developments, Dogecoin’s price has seen short-term weakness, declining roughly 11% over the past week. As of writing, DOGE trades near $0.1658, reflecting a modest daily dip.
Analysts suggest that while ETF progress represents a long-term bullish signal, current price fluctuations are more reflective of broader market volatility and investor caution amid shifting macroeconomic conditions.
In the medium term, approval of a spot Dogecoin ETF could attract new inflows from both retail and institutional investors, potentially stabilizing price action. Historically, similar ETF approvals for Bitcoin and Ethereum have driven notable increases in liquidity and investor participation.
What Comes Next for Bitwise and Dogecoin
If the ETF successfully starts on November 26, it would mark a historic first for Dogecoin, transforming it from a community-driven token into a regulated investment vehicle available to global investors.
The start would also reinforce Bitwise’s position as a leading digital asset manager, continuing its record of innovation within the ETF landscape. The firm’s proactive regulatory approach could influence other issuers to pursue similar strategies for alternative crypto assets.
As institutional and retail interest converge, Dogecoin’s inclusion in the ETF ecosystem underscores a broader trend of token diversification—one that bridges mainstream finance and the decentralized economy.
While short-term price pressures remain, the long-term impact of a regulated Dogecoin ETF could reshape market perception, paving the way for wider adoption of digital asset investment products across the global financial landscape.
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