Bitwise Investment made the first step in a proposed Dogecoin Exchange Traded Funds launch by filing an S-1 form to the Securities and Exchange Commission.
The Asset managers who already offer Bitcoin and Ethereum ETFs are looking to get into memecoins ETFs too.
The development was revealed by James Seyyfart, Bloomberg’s ETF Analyst and top authority on ETF products.
Dogecoin, the largest memecoin by Market Capitalization, is the memecoin of choice for asset managers who just completed the first step in the process of launching an ETF product.
The S-1 filing was made on Jan 28 to the United States Securities and Exchange Commission kickstarting the ETF launch process.
The remaining parts of the process include filling out a 19b-4 form after the approval of the S-1 form.
Coinbase named as Custodian
Coinbase exchange was named as the Custodian of the Dogecoin ETF with other key information about the product still not disclosed.
Coinbase is the usual choice of asset managers giving its foothold in the US crypto market.
At the time of the report, Bitwise has yet to disclose information on the fund’s ticker symbol, fee structure, or the stock exchange where it would be listed if approved.
Bitwise joins the ranks of smaller Asset managers like Osprey Funds, REX Shares, and Tuttle Capital proposing an ETF product for various memecoins.
What is an S-1 Form?
An S-1 Form is a registration statement that companies file with the U.S. Securities and Exchange Commission (SEC) when they plan to go public through an initial public offering (IPO).
The form provides detailed financial and operational information about the company for investors before its stock starts trading on public markets.
The Securities and Exchange Commission is the recipient of the S-1 Form as stipulated by the Securities Act of 1933, which mandates full disclosure to protect investors.
The SEC can request changes to be made by the said company before approving the form.
The US Securities and Exchange Commission approved 11 Bitcoin ETFs and 9 Ethereum ETFs in January and July last year respectively.
Both ETF products have helped pump liquidity into the crypto market since their respective launch.
