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SEC Extends Review Period for NYSE Arca's Grayscale Dogecoin Trust Listing

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On March 3, NYSE Arca submitted a 19b-4 filing to the U.S. Securities and Exchange Commission (SEC), seeking approval to list and trade the Bitwise Dogecoin ETF, the largest meme coin by market cap. This move follows Bitwise’s S-1 registration filing with the SEC in late January, a significant step for the firm, which manages over $12 billion in client assets. The filing also comes shortly after a similar submission by Rex Shares, highlighting the growing interest in Dogecoin-based investment products. According to the SEC filing, the Bitwise Dogecoin ETF is designed to track the price of DOGE, allowing investors to gain exposure without directly holding or managing the asset. To ensure security, Coinbase Custody will serve as the official custodian, safeguarding the ETF’s Dogecoin holdings. Meanwhile, Bank of New York Mellon (BNY Mellon) will handle cash holdings, administration, and record-keeping functions. The ETF’s Net Asset Value (NAV) will be calculated daily using the CF Dogecoin-Dollar Settlement Price, ensuring it accurately reflects DOGE’s real-time market value. Structured as a Delaware statutory trust, the fund will be managed with Bitwise as the official sponsor. Additionally, the ETF will operate on a cash-based transaction model, meaning investors cannot deposit or withdraw Dogecoin directly; all purchases and redemptions will be settled in cash. The SEC’s review process for crypto ETFs typically unfolds in several stages. Once a 19b-4 filing is submitted, the commission has up to 240 days to approve, reject, or delay its decision. This follows a similar path to the Grayscale Dogecoin Trust , which was officially acknowledged by the SEC on February 13. This means the decision timeline is already in motion, and a final ruling on Bitwise’s DOGE ETF could arrive by mid-October 2025. The Dogecoin ETF filings have sparked excitement among investors, but DOGE’s price has not reacted positively in the short term. The cryptocurrency has seen an 11.71% drop in the last 24 hours, trading at $0.1939, reflecting broader market volatility and reduced trading activity. Over the past week, DOGE has slipped 2.80%, while its trading volume has dropped by 33.78%, settling at $2.67 billion. During Gary Gensler’s tenure as the SEC chair, the idea of a Dogecoin ETF would have seemed impossible to most asset managers. However, with pro-crypto policies gaining traction, regulatory attitudes appear to be shifting, making approval a real possibility. Despite the current downturn, CoinCodex predicts that Dogecoin’s price could surge by 235.91%, potentially reaching $0.6545 by April 3. While ETF approval could serve as a catalyst, the meme coin’s price history suggests that speculation, social media hype, and market conditions will all play a role in determining its future trajectory.

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