Bets favoring approval of a Dogecoin DOGE/USD exchange-traded fund in 2025 surged on Polymarket after cryptocurrency fund manager Bitwise Asset Management formally applied with the SEC.
What Happened: The odds on the Polygon POL/USD-based prediction platform increased from 43% to 56% in the last 24 hours before falling back to 53% as of this writing. On Jan. 2, the likelihood of Dogecoin ETF was just 26%.
The surge followed Bitwise’s official submission with the SEC to list a Bitwise Dogecoin ETF that will provide exposure to the market moves of the world’s largest meme coin. The S-1 filing is a prerequisite for issuers to file to offer new securities.
The firm had submitted an ETF filing to Delaware’s Department of State’s Division of Corporations last week, typically seen as a precursor to an official SEC filing.
See Also: Robert Kiyosaki Predicts Yet Another Stock Market Crash, Pitches Bitcoin Investments — Here’s What The ‘Rich Dad Poor Dad’ Author Said
Why It Matters: The news of the filing spurred a 4% rise in Open Interest for Dogecoin futures over the last 4 hours, according to Coinglass, indicating high speculative interest.
Additionally, bullish bets for the coin surged, with more than 53% of futures traders placing long positions, data from Long/Short ratio showed.
Bitwise's registration comes after REXShares and Osprey filed several ETF applications with the SEC last week, including one for Dogecoin.
Influential trader Ali Martinez stated previously that an ETF could propel DOGE’s price to $15.
Price Action: At the time of writing, Dogecoin was exchanging hands at $0.3282, down 1.80% in the last 24 hours, according to data from Benzinga Pro. Year-to-date, the cryptocurrency has gained 3.70%.
Image via Shutterstock
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