Bitwise Drops Bombshell: Spot Dogecoin ETF Filing Shakes Crypto Markets

Wall Street meets meme coin as Bitwise throws its hat into the Dogecoin ETF ring. The crypto asset manager just filed Form 8-A with the SEC—putting DOGE one step closer to mainstream legitimacy.

Why it matters: This could be the rocket fuel Dogecoin needs to escape meme coin purgatory. Or just another way for institutions to extract fees from retail traders chasing the next crypto fad.

Between the lines: While Bitcoin ETFs battle for inflows, Bitwise is betting the house on crypto's original joke-turned-juggernaut. Will regulators play ball with an asset that started as a Shiba Inu meme?

The bottom line: Whether this moons or crashes, one thing's certain—the suits have officially invaded Dogecoin's party. Place your bets on whether they'll kill the vibe or take it to the next level.

Bitwise’s DOGE ETF awaits SEC decision in 20 days

Looks like Bitwise is doing the 8(a) move for their spot dogecoin ETF, which basically means they plan on going effective in 20 days barring an intervention. pic.twitter.com/y8jyxbYKXQ

— Eric Balchunas (@EricBalchunas) November 6, 2025

The SEC had put a hold on its decision on the Bitwise Dogecoin ETF application in June, less than a month after delaying the Grayscale Dogecoin Trust application. According to Bitwise’s S-1 and 19b-4 forms submitted to the regulator to create the Doge fund, the fund will hold DOGE as its primary asset and leverage the CF Dogecoin-Dollar Settlement Price to determine the fund’s Net Asset Value (NAV).

The traditional ETF approval procedure typically involves extensive review periods by regulators and may even result in potential delays. However, Bitwise’s DOGE spot fund application bypasses much of that bureaucracy.

Bitwise’s decision to utilize the SEC’s 8(a) procedure for their Dogecoin spot ETF application removes the delaying amendment from the S-1 application. The non-standard listing will also automatically become effective after 20 days unless the SEC takes separate action to delay it.

“Looks like Bitwise is doing the 8(a) MOVE for their spot Dogecoin ETF, which basically means they plan on going effective in 20 days barring an intervention.”

–Eric Balchunas, Senior Analyst at Bloomberg Intelligence.

Bitwise’s filing comes as the U.S. is on the verge of its longest government shutdown in history. The shutdown has left the SEC operating under its own shutdown plan, which has significantly limited what staff can work on, as many are furloughed.

Following the October 1 government shutdown, the regulator approved a flurry of listing standards, paving the way for dozens of crypto ETF applications to be processed quickly. The SEC also issued guidance a week after the shutdown, which clarified the processes for firms seeking to go public.

The agency revealed that firms wanting to go public can file an S-1 registration statement without what’s called a delaying amendment. The delaying amendment allows ETFs to launch after 20 days, and also gives the SEC time to work through comments.

Any changes made to filings may restart the clock for ETFs to take effect in 20 days. Once an ETF’s asset meets listing standards, the firm can potentially launch its crypto ETFs without the SEC’s sign-off.

REX-Osprey establishes the first spot Dogecoin ETF

The Bitwise DOGE fund will be the second ETF tracking the memecoin in the sector. The REX-Osprey Dogecoin ETF (DOJE) also launched recently.

DOJE was established under the Investment Company Act of 1933 and saw a rise in its daily volume and inflows. However, the ETF’s robust flows have reduced, moving from over $35 million to $27 million today.

REX-Osprey Dogecoin ETF is the first U.S. spot ETF for DOGE, launched on September 18. The launch saw traders pile in, sending volumes soaring and surpassing $24 million in trading volume within the first few hours after launch.

Balchunas acknowledged that the fund’s launch was far more than he had thought. He revealed that the surge was five times greater than any of the XRP futures ETFs achieved on day one, and DOJE accomplished it in only 90 minutes.

The ETF analyst also noted that the REX-Osprey’s DOGE fund blew past expectations, surpassing his initial over/under benchmark of $2.5 million for opening-day volume. He called that target respectable and nothing too special, but DOJE crossed $6 million within the first hour.

At the time of publication, DOGE is currently exchanging hands around $0.1660, up more than 1.7% in the last 24 hours. On-chain data also revealed that Dogecoin has dropped 3.75% in the last 7 days and nearly 20% in the last 30 days.

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