- Bitwise has filed for a spot Dogecoin ETF, while Solana ETF issuers make a third attempt at approval.
- Analysts predict potential approval for Solana ETFs by late 2024, though Canada may launch them first due to a more lenient regulatory environment.
The cryptocurrency market has been experiencing an influx of firms racing to offer crypto exchange-traded funds in the United States. Bitwise is the recent applicant. Notably, Bitwise has officially filed for a Dogecoin Spot ETF.
Similarly, Solana ETF issuers have made their third attempt at securing an SEC approval. These applications and resubmissions reflect the cryptocurrency community’s hope for approval under the new administration.
Bitwise Files for Dogecoin ETF
Bitwise, widely touted as the world’s largest crypto index fund manager in America, filed for an S-1 form with the U.S. securities and Exchange Commission for its proposed spot Dogecoin ETF. This move comes at the heels of the recent registration of a DOGE trust. Notably, the firm is committed to bring the popular memecoin to Wall Street.
In light of this, Bloomberg ETF analyst addressed his 170.6K followers stating that the filing was expected following the registration of the Doge Trust but approval is far form guaranteed. Additionally, he emphasized that DOGE-related products may receive different treatment under the SEC’s new administration.
Additionally, senior ETF analyst Eric Balchunas highlighted Bitwise’s strategic decision to file under the 1933 Securities Act, the same framework used for BlackRock’s successful spot Bitcoin ETF (IBIT).
Before trading can commence, a 19b-4 form must also be filed, which Seyffart expects to happen soon. Despite its origins as a meme, Dogecoin remains a significant player in the crypto market.
Clock hasn’t actually started yet. they need to file a 19b-4 which i would be expecting soon. and even then it’d be more like ~260.
At the time of writing, DOGE is swapping hands with $0.3318 marking a 0.71% decline in the past 24 hours and what’s more, the asset has plummeted by 9.01%% in just the last week.
As the 8th cryptocurrency by market cap the asset has recorded a $1.88B 24 hour trading volume.
Solana ETF Faces Third Filing
Meanwhile, efforts to secure a spot Solana ETF in the U.S. continue. The Chicago Board Options Exchange (Cboe) recently re-filed 19b-4 forms for SOL ETFs from VanEck, Canary, Bitwise, and 21Shares. This marks the third attempt after previous applications were denied by the SEC.
Seyffart remains optimistic about Solana ETFs, predicting potential approval by late 2024. However, he and Balchunas still stick to the idea that ETFs tied to Litecoin (LTC) and Hedera (HBAR) may receive the green light first. Adding to the competition, Purpose Investments and 3iQ Digital Asset Management have filed for Solana ETFs in Canada.
Balchunas pointed out a historical trend where the U.S. initiates filings, but Canada often launches products first due to a more lenient regulatory landscape. However, with a changing SEC administration, the outlook remains uncertain.
