Bitwise Registers Delaware Entity for Potential Dogecoin ETF

Bitwise Asset Management has registered a Dogecoin ETF entity in Delaware, a move that could open future exchange-traded funds centered on the industry’s seminal meme coin.

The asset management firm registered “BITWISE DOGECOIN ETF” as a statutory trust on Wednesday through CSC Delaware Trust Company in Wilmington, according to a filing on Wednesday.

A source familiar with the matter has confirmed with Decrypt by phone that Bitwise is working on a Dogecoin ETF, though details on its progress are sparse and confidential for now. 

Observers note that the Delaware registration only represents an initial administrative step toward what could be an ETF launch.

“This is just a registration for a trust. Assuming it’s real […] it’s still not an official ETF filing with the SEC,” Bloomberg Senior Analyst James Seyffart wrote on X.

Seyffart’s statements indicate that the Delaware filing is preparatory in nature. Despite its legitimacy, the filing may be misconstrued as an ETF proposal.

A Delaware statutory trust serves as a legal framework that would enable firms such as Bitwise to launch investment products like ETFs.

A registered trust provides a business with tax benefits, establishes clear governance, and separates any possible ETF assets from the company’s other business activities.

In this case, Bitwise would still need to file a comprehensive application with the SEC before any potential product could come to market.

Bitwise, which manages over $12 billion in crypto assets, has positioned itself and its products as an avenue for institutional crypto adoption. 

The firm has previously signaled interest in expanding its ETF offerings beyond major cryptocurrencies. In October 2024, Bitwise moved to combine its Bitcoin and Ethereum ETF offerings. By November of the same year, the firm had filed for a Solana ETF. 

The Delaware registration follows similar preparatory moves seen before previous crypto ETF applications. Asset managers typically secure business entities ahead of formal SEC filings.

The timing also coincides with increased institutional appetite for crypto exposure through regulated products. Multiple asset managers have filed for various crypto-related ETFs in recent weeks. 

VanEck filed for an “onchain economy” ETF on January 15, while ”protected” Bitcoin ETFs were likewise greenlit by the Securities and Exchange Commission for trading this week.

Edited by Sebastian Sinclair