The world’s most recognized memecoin is set to come under the ETF umbrella, NYSE Arca has officially filed a 19b-4 request with the US Securities and Exchange Commission (SEC) seeking permission to list and trade the Bitwise Dogecoin ETF. If approved, the product would represent one of the first US-listed Dogecoin-focused exchange-traded funds, offering regulated access to a token that began as an internet parody but has evolved into a multibillion-dollar digital asset.

Dogecoin ETF Gets One Step Closer

On March 3, the New York Stock Exchange subsidiary submitted a formal proposal—known as a 19b-4—asking the SEC to consider rule changes that would allow for Bitwise’s ETF to be listed under NYSE Arca Rule 8.201-E, which governs Commodity-Based Trust Shares.

The filing states: “Pursuant to the provisions of Section 19(b)(1) of the Securities Exchange Act of 1934, as amended (the ‘Act’ or ‘34 Act’) and Rule 19b-4 thereunder, NYSE Arca, Inc. (‘NYSE Arca’ or ‘Exchange’), proposes to list and trade shares of the Bitwise Dogecoin ETF (the ‘Trust’) under NYSE Arca Rule 8.201-E (Commodity-Based Trust Shares).”

Bitwise initially signaled its intentions in late January by filing an S-1 registration form with the SEC, outlining its plan to launch a Dogecoin ETF. Now, the 19b-4 filing is the next critical step in the regulatory process, enabling the SEC to begin a formal review period.

One of the standout elements of Bitwise’s proposal is the institutional infrastructure behind it. Coinbase Custody is poised to serve as the custodian for the fund’s DOGE holdings, safeguarding the cryptocurrency. Meanwhile, the Bank of New York Mellon (BNY Mellon) is expected to oversee cash custody, administration, and record-keeping, ensuring traditional financial mechanisms are in place.

The ETF is designed to use cash creations and redemptions, meaning investors would not be able to contribute or receive DOGE directly. According to the filing, the fund will track the price of Dogecoin using the CF Dogecoin-Dollar Settlement Price, a pricing benchmark that calculates a daily Net Asset Value (NAV) closely reflective of the token’s market value.

Bitwise is not alone in pursuing a Dogecoin ETF. Grayscale and Rex Shares have also submitted proposals for similar products. Notably, Grayscale’s DOGE ETF filing has already been acknowledged by the SEC, marking a significant milestone in the path toward possible approval. For Grayscale, the official “acknowledgement” triggers a formal countdown for the regulator to review and make decisions, placing a potential final decision window around mid-October.

As the SEC weighs these proposals, market observers have become increasingly optimistic that 2025 could see the approval of a Dogecoin ETF. According to prediction markets, odds have climbed substantially in recent weeks. Bloomberg analysts have also weighed in, indicating the chance of any Dogecoin ETF approval could be as high as 75%.

At press time, DOGE traded at $0.19.

Featured image created with DALL.E, chart from TradingView.com

Strategy – the Bitcoin (BTC) treasury company formerly known as MicroStrategy – has scooped another 20,356 BTC in its latest cryptocurrency acquisition. The purchase has pushed the firm’s total holdings to 499,096 BTC.

Strategy Continues To Stack Bitcoin

In an X post today, Strategy co-founder and executive chairman Michael Saylor announced that the firm had purchased 20,356 BTC for $1.99 billion at an average cost of $97,514 per BTC. According to an 8-K filing with the US Securities and Exchange Commission (SEC), the purchase was made between February 18 and 23.

At the time of writing, Strategy holds a total of 499,096 BTC, valued at $33.1 billion, with an average purchase price of $66,357 per BTC. Notably, the company’s total Bitcoin holdings now account for over 2.3% of the total BTC supply of 21 million.

Today’s BTC purchase follows another major announcement – Strategy’s successful raising of $2 billion through a zero-coupon convertible note offering. The notes, which mature on March 1, 2030, allow every $1,000 in notes to be converted into 2.3072 shares of Strategy’s Class A common stock at a conversion price of $433.43 per share.

After accounting for fees and expenses, Strategy generated net proceeds of $1.99 billion from the offering. The company stated that it will use the proceeds for “general corporate purposes, including the acquisition of Bitcoin and for working capital.”

Notably, today’s note offering is part of Strategy’s ambitious 21/21 Plan. Under this initiative, the company aims to raise up to $42 billion – partly through equity and fixed-income instruments – to finance future BTC acquisitions.

According to today’s announcement, Strategy has already raised nearly $20 billion toward its $42 billion target. Interestingly, Saylor had hinted on Sunday about today’s Bitcoin acquisition.

Following the announcement, Strategy’s stock (MSTR) is trading at $303.50 – up 1.27% in pre-market trading. Over the past year, the stock has surged by an impressive 345%, outperforming Bitcoin, which is up 86.7% over the same period.

Companies Not Deterred By Crypto Market Drawdown

Despite a decline in the total crypto market capitalization – from a peak of $3.90 trillion on December 16 to $3.31 trillion at the time of writing – investors remain optimistic. Many continue to invest in the emerging asset class, buoyed by expectations of favorable regulatory developments following US President Donald Trump’s victory in the November election.

Besides Strategy, other companies like Semler Scientific, Rumble, and Metaplanet have also made major BTC purchases this year. At the time of writing, BTC trades at $95,389, down 0.6% in the past 24 hours.

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