Bitwise spot Dogecoin ETF application update, approval decision to be announced on November 12th.

Asset management company Bitwise is actively advancing the issuance process of its spot Dogecoin ETF. It has submitted the fourth amendment to the S-1 registration statement to the U.S. Securities and Exchange Commission (U.S. SEC), disclosing key details such as the trading ticker BWOW, management fee rate, and fee waivers. This series of actions marks that the listing of the spot Dogecoin ETF is entering the final countdown, with the deadline for a final decision set for November 12.

Following this news, Dogecoin (DOGE) prices have risen in both spot and derivatives markets, with market expectations for Meme Coin ETFs reaching new heights.

Bitwise Discloses Key Information: Spot DOGE ETF Nears Listing

Bitwise has filed the fourth amendment to its S-1 document, preparing for the final steps to list a spot Dogecoin ETF on NYSE Arca. The trust aims to provide exposure to Dogecoin, tracking the DOGE spot price from the CF Dogecoin-Dollar US Settlement Price Index.

The amendment reveals several core details, providing a clear blueprint for the market:

• Trading Ticker: The ETF will use BWOW as its trading symbol, with plans to list on NYSE Arca before the end of November.
• Custodians: Coinbase Custody will serve as the custodian for DOGE holdings, responsible for asset safekeeping; BNY Mellon will act as the cash custodian.
• Seed Investment: Bitwise Asset Management will act as a seed investor, agreeing to purchase 8 shares at $25 per share on November 3, totaling $200. Additionally, Bitwise Investment Manager plans to buy initial shares worth $2.5 million.

Competitive Fee Structure: Fee Waivers to Attract Early Capital

To gain an edge in the increasingly competitive crypto ETF market, Bitwise announced a competitive fee structure:

• Management Fee: The spot Dogecoin ETF will have a management fee of 0.34%.
• Fee Waivers: Bitwise plans to waive all sponsor fees for one month. This waiver applies only to assets not exceeding $500 million in DOGE holdings from the date of listing.

Bloomberg ETF analyst Eric Balchunas pointed out that Bitwise is adopting an “8(a) measure” for its spot Dogecoin ETF, which typically means that unless the U.S. SEC intervenes, the ETF is expected to auto-approve within 20 days. This implies that through the submission of Form 8-A and CERT filings, the Dogecoin ETF could become effective automatically.

The final decision deadline for the U.S. SEC is November 12. If the U.S. government ends the “shutdown” before this date, the SEC might make a final ruling then. If approved, the spot Dogecoin ETF could begin trading as early as next week.

Previously, another asset management firm, 21Shares, also amended its Dogecoin ETF application, disclosing details such as the trading ticker TDOG and plans to list on Nasdaq. The increasing competition indicates a hot race in the Meme Coin ETF space.

Market Immediate Response: DOGE Price and Derivatives Trading Volume Rise

Boosted by the positive progress from Bitwise, DOGE prices responded immediately, climbing nearly 1.30% today. DOGE is currently trading around $0.166, with a 24-hour trading range between $0.1577 and $0.1661.

Despite a slight 2% decline in trading volume over the past 24 hours to $1.92 billion, indicating cautious sentiment about further crypto market corrections, derivatives markets are more optimistic. According to Coinglass data, over the past 4 hours, DOGE futures open interest surged by 2.30% to $1.4 billion, suggesting traders are actively building long positions in derivatives markets, betting on positive outcomes if the ETF is approved.

Conclusion

The key progress in Bitwise’s spot Dogecoin ETF application is not only a major breakthrough in the Meme Coin space but also a symbol of the broader expansion of crypto asset ETFs. The ETF’s listing will provide traditional investors with a compliant, convenient channel to participate in Dogecoin’s price movements, potentially bringing increased liquidity and mainstream recognition. Although DOGE prices have initially reacted to the news, the market’s final fate remains uncertain. The U.S. SEC’s final decision will be a critical factor influencing Dogecoin and the overall Meme Coin market sentiment in the coming weeks.