NYSE Arca has formally submitted a 19b-4 filing to the US Securities and Exchange Commission (SEC) to list and trade shares of Bitwise Asset Management’s Dogecoin exchange-traded fund (ETF).
According to the March 3 filing, if approved, the proposed rule change would allow NYSE Arca, a subsidiary of the New York Stock Exchange (NYSE), to offer the Bitwise Dogecoin ETF and provide investors with direct exposure to the popular memecoin.
A 19b-4 approval is required for an exchange to list a new financial product.
The SEC will now review the filing to determine whether Bitwise’s Dogecoin ETF meets regulatory requirements.
While the fund would provide direct exposure to Dogecoin (DOGE), it will function through cash creations and redemptions, meaning investors won’t be able to deposit or withdraw Dogecoin directly.
Bitwise initially signalled its interest in launching a Dogecoin ETF after it filed for a Delaware registration as a legal entity with Delaware’s Department of State’s Division of Corporations on January 23.
Roughly a week later, it was followed by an S-1 registration with the agency on Jan. 28.
This submission officially placed the company in the growing pool of issuers vying to introduce crypto-based ETFs to U.S. markets.
Rex Shares, Osprey Funds, and Grayscale Investments have also filed for similar products in the past months.
Bitwise’s Doegoin ETF is structured as a Delaware statutory trust and will be managed under a trust agreement, with Bitwise Investment Advisers acting as the sponsor.
The fund’s goal is to track the price of Dogecoin, with its net asset value calculated daily using a pricing benchmark from CF Benchmarks Ltd.
Coinbase Custody Trust Company will serve as the Dogecoin custodian, while the Bank of New York Mellon will handle cash custody, administration, and transfer agency functions. Additionally, all fees, including Bitwise’s management fee, will be paid in Dogecoin, according to the filing.
Dogecoin’s price didn’t budge despite the positive development, staying flat amid broader macroeconomic concerns.
At press time, DOGE was down over 13% over the past day, with losses extending to 36% on the monthly time frame.
Bitwise expands offerings
With several pro-crypto officials currently heading the SEC, issuers like Bitwise and Grayscale have moved to expand their product offerings by pushing for a slew of altcoin ETF applications and other exchange-traded products.
On Feb. 27, the firm submitted an S-1 registration for an Aptos ETF with Delaware’s Department of State, setting the stage for a potential APT-based ETF, a first of its kind if approved.
Before that, Bitwise filed for a hybrid ETF tracking both Bitcoin and Ethereum, which received its initial approval from the SEC on Jan. 30.
It is currently awaiting clearance for its S-1 registration application before trading can commence.
In December, it also pushed an application to list and trade shares of an exchange-traded fund that will track companies holding more than 1000 Bitcoin in their treasury.
The post NYSE Arca seeks SEC approval to trade Bitwise Dogecoin ETF appeared first on Invezz
