Bitwise’s Spot Dogecoin ETF Moves Closer to Launch Following SEC Amendment Filing

• Bitwise’s Dogecoin ETF may auto-launch within 20 days pending SEC action.
• BWOW to list on NYSE Arca with Coinbase and BNY Mellon as custodians.
• 0.34% fee waived for first month on $500M DOGE holdings.

Bitwise Asset Management has taken a major step toward launching a spot Dogecoin exchange-traded fund (ETF), submitting its fourth amendment to the registration statement with the U.S. Securities and Exchange Commission (SEC).

The update outlines key information such as the fund’s ticker symbol, custodian arrangements, and management fees, signaling that the product could be nearing effectiveness. Bloomberg ETF analyst Eric Balchunas indicated that the filing aligns with an 8(a) process, suggesting the ETF could become effective automatically within approximately 20 days unless the SEC intervenes.

The SEC’s current deadline to decide on the Bitwise Spot Dogecoin ETF application is set for November 12. If no further action is taken, the ETF may proceed to list and begin trading by the end of the month.

ETF Structure and Custodial Framework

According to the filing, the Bitwise Dogecoin ETF is intended to track the CF Dogecoin-Dollar U.S. Settlement Price Index, providing investors direct exposure to spot DOGE price movements. The fund’s ticker symbol will be BWOW, with shares expected to list on NYSE Arca.

Bitwise appointed Coinbase Custody as the digital asset custodian responsible for holding Dogecoin on behalf of the trust, while BNY Mellon will serve as the cash custodian. Bitwise Asset Management itself will act as a seed investor, initially purchasing $200 in shares at $25 per share, totaling eight shares. Additionally, the investment manager has committed $2.5 million toward the initial share purchase to facilitate liquidity at launch.

Fee Structure and Waiver Period

The ETF’s management fee is set at 0.34%, but Bitwise disclosed that it will waive the entire sponsor fee for the first month following launch. The temporary waiver applies exclusively to the first $500 million in total Dogecoin holdings, aiming to reduce initial investor costs during the early trading phase.

Balchunas noted that Bitwise’s filing under Section 8(a) reveals the firm intends to allow the ETF to become effective automatically. If the SEC does not issue objections by the November 12 deadline, trading may begin before the end of the month.