Dogecoin ETF Surge: Bitwise Doubles Down on Meme Coin Bet with Revised Filing

Wall Street's latest circus act? A Dogecoin ETF. Bitwise just reloaded its paperwork—because nothing says 'serious investment' like a Shiba Inu-themed crypto.

From meme to mainstream?

The asset manager's revised proposal signals growing institutional FOMO—even for an asset born as a joke. Dogecoin's 12,000% pump in 2021 wasn't enough? Now we're dressing it up in an ETF wrapper.

The regulatory hurdle marathon

SEC approval remains the billion-dollar question. But hey, if Grayscale won its Bitcoin ETF lawsuit, maybe DOGE gets its day too. Just don't mention the 5% annual meme inflation rate.

Finance purists are clutching their pearls. Meanwhile, degenerates are already calculating leverage ratios. The line between asset class and internet joke has never been blurrier.

Bitwise Revises Dogecoin ETF Proposal

Bitwise first submitted a proposal for a spot dogecoin ETF back in January 2025, seeking to bring direct DOGE exposure to institutional and retail investors through a regulated investment vehicle. While the SEC has not yet approved the proposal, recent developments suggest momentum is building.

In its revised filing, Bitwise introduced a major technical change—in-kind creation and redemption mechanisms. This feature allows ETF shares to be created or redeemed in exchange for the underlying asset, in this case, Dogecoin, rather than cash. This structure is common in approved Bitcoin and ethereum ETFs and is considered more tax-efficient, with reduced slippage and better alignment with the underlying asset’s market behavior.

The inclusion of this feature marks a significant improvement from the original version of the filing, which had lacked this mechanism. By incorporating it now, Bitwise is aligning its product with SEC preferences and industry best practices.

Analysts See Rising Approval Odds

The revised filing has not gone unnoticed by market analysts. Bloomberg ETF specialist Eric Balchunas pointed out that the addition of in-kind creation and redemption is a “huge update.” According to him, this feature is quickly becoming a standard for any ETF hoping to win regulatory approval.

Balchunas and his colleague James Seyffart have previously rated the Dogecoin ETF’s chances of approval relatively high, with estimates reaching 80% in early June. The ongoing back-and-forth between Bitwise and the SEC has only strengthened this view. Analysts interpret these updates as evidence of productive dialogue, a key ingredient in previous ETF approvals involving Bitcoin and Ethereum.

The SEC’s delay in reviewing the Dogecoin ETF filing earlier this year was widely expected, as the commission typically takes time to evaluate new crypto-based financial products. However, the extended timeline also provides room for issuers like Bitwise to refine their applications in alignment with regulatory feedback.

Why Dogecoin ETF Matters

A spot Dogecoin ETF would be a major milestone for both the asset and the broader crypto market. While Dogecoin began as a light-hearted project, it has since evolved into one of the most traded digital currencies globally, with a massive user base and significant liquidity.

The introduction of a regulated ETF would offer new avenues for traditional investors to gain exposure to Dogecoin without needing to interact directly with crypto exchanges or manage private wallets. It would also bring additional credibility to DOGE as an asset class, following in the footsteps of bitcoin and Ethereum, which already have multiple spot ETFs in the U.S. market.

Moreover, an ETF structure typically drives more stable inflows from institutional investors, potentially reducing volatility and improving market depth over time. For Dogecoin, which is known for its dramatic price swings, this could signal the beginning of a more mature phase of adoption.

Bitwise Leads the Pack

While several asset managers are vying to create the first Dogecoin ETF, Bitwise remains at the forefront. It was the first to file a spot Dogecoin ETF application and is currently the only firm also seeking SEC approval for an Aptos-based ETF.

Other prominent players such as Grayscale and 21Shares are also reportedly preparing to enter the Doge ETF race, but Bitwise’s proactive revisions and early filing give it a first-mover advantage. Whether this edge translates into approval depends on how the SEC evaluates the revised documents and broader market conditions.

Regulatory Landscape Remains Cautious

Despite growing optimism, regulatory uncertainty continues to be a hurdle for crypto ETFs. The SEC has historically taken a cautious approach, requiring robust safeguards around market manipulation, custody, and investor protection.

The addition of in-kind mechanisms is likely to ease some of these concerns, as it reduces reliance on cash-based arbitrage and aligns better with market dynamics. Still, the SEC will scrutinize other areas such as liquidity, pricing transparency, and custodial practices before issuing a decision.

What’s clear, however, is that the dialogue between issuers like Bitwise and regulators has become more active and transparent. This increased engagement is seen as a positive shift, indicating that the SEC may be more willing to consider altcoin-based ETFs in the future.

Broader Implications for Crypto ETFs

The implications of a Dogecoin ETF go beyond a single asset. Approval WOULD suggest a growing acceptance of altcoins within traditional finance, potentially paving the way for other crypto-based products to enter the market.

ETFs tied to coins like Solana, Cardano, or even smaller-cap tokens could become more likely if the Dogecoin ETF is approved and performs well. It would also reinforce the trend of mainstream asset managers seeking exposure to crypto beyond just Bitcoin and Ethereum.

Final Thoughts

Bitwise’s latest move to amend its Dogecoin ETF filing reflects a strategic effort to meet the SEC’s expectations and improve the product’s chance of approval. By integrating in-kind redemption and creation features, the firm has strengthened its case at a time when regulatory engagement is intensifying.

With institutional interest growing and analysts projecting high odds of approval, Dogecoin may soon join Bitcoin and Ethereum in the ETF spotlight. For now, investors and crypto watchers alike will be waiting to see how the SEC responds to this latest update—and whether the Dogecoin ETF will finally make its way to the U.S. markets.