Cryptocurrency index fund manager Bitwise Asset Management filed for a Dogecoin DOGE/USD exchange-traded fund on Wednesday, prompting analysts to forecast big returns for the dog-themed meme coin.
What happened: Bitwise submitted the ETF filing to Delaware's Department of State's Division of Corporations. The filing was made under the entity name BITWISE DOGECOIN ETF, with CSC Delaware Trust Company listed as the registered agent.
While Bitwise didn't immediately return Benzinga's request to confirm the filing, leading ETF analyst Eric Balchunas said on X that the filing was legitimate.
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The Delaware registration is typically the first step in the ETF listing process and still requires an official filing with the SEC.
Similar listings were seen previously for iShares Bitcoin Trust ETF IBIT and iShares Ethereum Trust ETF ETHA, and even the XRP ETF filed by Bitwise last year.
Following the filing, Ali Martinez, a well-known cryptocurrency analyst and trader, issued a massively bullish price target of $15 for Dogecoin. At the current price, this pointed to a staggering upside of 4140.88%
Why It Matters: Bitwise’s registration comes after REXShares and Osprey filed numerous ETF applications with the SEC earlier this week, including one for Dogecoin.
These filings were factored into prediction markets, as the odds of a Dogecoin ETF being approved in 2025 increased from 36% to 53% on Polymarket before stabilizing at 48% as of this writing.
Meanwhile, the iconic Shiba Inu imagery, a symbol closely tied to Dogecoin's popularity, was removed from the Elon Musk-headed Department of Government Efficiency’s website.
Price Action: At the time of writing, Dogecoin was exchanging hands at $0.3535, down 3.07% in the last 24 hours, according to data from Benzinga Pro. Year-to-date, the cryptocurrency has gained 8.43%.
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