The recent developments surrounding the approval of a Dogecoin ETF have sparked significant interest within the investment community. The US Securities and Exchange Commission (SEC) has extended the decision timeline for NYSE Arca’s proposal to list the Bitwise Dogecoin ETF, reflecting ongoing scrutiny of cryptocurrency-based financial instruments.
In a published notice, the SEC announced it will take longer to reach a conclusion, moving the target date to November 12, 2025. This extra time is intended for a thorough evaluation of Bitwise’s request to trade its commodity-based trust shares that involve Dogecoin under established market regulations.
Understanding the Current Landscape of Crypto ETFs
The delay of Bitwise’s ETF registration reflects a broader trend in the regulatory landscape for some major cryptocurrencies. Currently, there is a growing interest in alternative routes for launching crypto-related investment products, particularly in light of recent market changes. The Bitwise ETF aims to structure its product as a commodity trust, safeguarding the underlying Dogecoin assets with recognized custodians like Coinbase.
While Bitwise navigates the regulatory process, a different Dogecoin ETF, offered by REX Shares in collaboration with Osprey Funds, is scheduled to commence trading soon. This fund, marketed under the ticker DOJE, will utilize a different regulatory framework—the Investment Company Act of 1940—aiming to provide an easier pathway for exposure to Dogecoin.
Industry analyst Eric Balchunas noted on social media that: “A unique era for meme coin ETFs seems imminent, with DOJE set for launch soon.” This marks a shift in how investors can access Dogecoin, moving beyond traditional avenues and reflecting the increasing diversification of offered products.
By following a different regulatory approach, REX-Osprey positions its ETF similarly to previous crypto offerings that have successfully launched without needing the SEC’s standard approval for commodity trusts. This innovation could pave the way for more cryptocurrencies to enter the exchange-traded funds market regardless of the ongoing delays experienced by their peers.
As Bitwise’s application remains under consideration, the contrasting paths taken by the two companies illustrate the evolving strategy for cryptocurrency ETFs in the US market. Bitwise aims for a direct custody framework with its trust structure, while REX-Osprey appears to be leveraging registered investment companies to expedite market entry.
Currently, the price of Dogecoin is around $0.24, indicating an ongoing market demand despite regulatory uncertainties. This situation underscores the importance of tracking legislative and market windfalls for potential investment opportunities.
