NYSE Arca has submitted a proposed adjustment to regulations for the listing and trading of shares in the Bitwise Asset Management Dogecoin exchange-traded fund.
On March 3, the subsidiary of the New York Stock Exchange submitted the 19b-4, which, if sanctioned, would permit the exchange to list the Bitwise Dogecoin (DOGE) ETF, providing direct exposure to the memecoin.
Coinbase will serve as the custodian for Dogecoin while the Bank of New York Mellon is tasked with overseeing cash custody, administration, and transfer agency roles, it remarked.
The ETF incorporates cash creations and redemptions, indicating that investors are unable to contribute or withdraw Dogecoin directly.
Bitwise submitted an S-1 registration document for the offering with the Securities and Exchange Commission at the end of January.
If granted approval, this could be among the initial US-listed memecoin ETFs, offering regulated access to Dogecoin for both institutional and retail investors.
Image from NYSE 19b-4. Source: NYSE
Dogecoin values displayed no response to the filing and plummeted over 15% throughout the day, declining to $0.19 amidst a sweeping decline in the crypto market that erased all gains from Donald Trump’s US crypto reserve announcement made on March 2.
On Feb. 13, the SEC recognized Grayscale’s submissions for the Grayscale Dogecoin Trust, signifying that the timeline for reviewing and making decisions on the product has commenced, with a possible deadline around mid-October.
Simultaneously, the Nasdaq on March 3 submitted a comparable proposed rule adjustment to the SEC to list and trade shares of the Grayscale Hedera Trust. This fund will track the value of HBAR, the native token of the Hedera Network. In late February, the Nasdaq requested to list a similar Hedera product from Canary Capital.
Related: SEC once again delays Ether ETF options on Cboe
A wave of altcoin ETF applications has emerged from several issuers, encompassing funds that monitor the prices of Cardano (ADA), Solana (SOL), Polkadot (DOT), Litecoin (LTC) and XRP (XRP) within the United States following the shift in administration and the crypto-friendly shift by the SEC.
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