- Bitwise files for a Dogecoin ETF on NYSE, seeking SEC approval for mainstream adoption.
- Nasdaq submits a 19b-4 filing to list and trade Grayscale’s Hedera (HBAR) ETF.
- SEC’s cautious stance may shift as more digital asset ETFs seek regulatory approval.
A new chapter in crypto investments is unfolding. Bitwise Asset Management has filed for a Dogecoin exchange-traded fund (ETF) on the New York Stock Exchange (NYSE). The move signals Dogecoin’s transition from a meme token to a regulated financial asset.
For years, Dogecoin was dismissed as a joke. Created in 2013, it gained fame through online communities and social media hype. Now, it stands on the edge of institutional acceptance. Bitwise’s filing seeks to offer investors regulated exposure to Dogecoin without the complexities of direct ownership.
The ETF proposal comes amid a wave of crypto-related financial products. In recent years, the U.S. Securities and Exchange Commission (SEC) has approved several Bitcoin ETFs. The ProShares Bitcoin Strategy ETF and the Valkyrie Bitcoin Strategy ETF began trading in October 2021, opening the door for further crypto-based investment products. The recently approved financial instruments enabled more digital assets to access traditional market domains.
Bitwise’s proposed fund, the Crypto Industry Innovators ETF, plans to track multiple digital assets, including Dogecoin. Such an investment structure would give investors access to a wide range of cryptocurrency assets. The ETF will provide investors with liquidity and regulatory oversight together with security, after receiving approval.
Regulators remain cautious about crypto ETFs. The SEC has taken a cautious approach toward crypto ETFs, citing concerns about market manipulation and investor protection. However, recent authorization directions indicate the SEC is changing its perspective. Industry experts believe the SEC is warming up to well-structured crypto funds.
The filing reflects a broader trend of digital assets entering traditional finance. More investors are looking for regulated ways to access cryptocurrencies. An SEC approval of the Dogecoin ETF would create a landmark achievement that benefits the digital assets sector.
Related: How ETF Fund Flows Impact Markets & Investor Decisions
Nasdaq Files for 19b-4 to List Grayscale Hedera ETF
Meanwhile, another major ETF proposal is underway. Nasdaq has filed a 19b-4 form with the SEC to list and trade the Grayscale Hedera ETF (HBAR). The proposed fund will track the price of HBAR, Hedera’s native cryptocurrency.
Grayscale Investments has been expanding its ETF offerings. The company currently operates multiple crypto funds, like Bitcoin and Ethereum ETFs. The proposed document seeks to introduce HBAR as an investment option exclusively for institutional market participants.
The approval process for the ETF remains uncertain. Key details, such as the custodian, are still undisclosed. However, Coinbase Custody might serve as the fund’s custodian, as it does for other Grayscale products. Approval of these funds would enhance cryptocurrency acceptance within the traditional financial market.
