Bitwise’s Dogecoin ETF Faces SEC Review After NYSE Arca’s 19b-4 Filing

According to the filing, Coinbase Custody will act as the custodian. Meanwhile, the Bank of New York Mellon (BNY Mellon) will manage the cash holdings, administration, and record-keeping.

NYSE Files 19-b4 for Bitwise Dogecoin ETF

The 19b-4 filing for the Dogecoin ETF comes over a month after Bitwise filed an S-1 with the SEC.

“Pursuant to the provisions of Section 19(b)(1) of the Securities Exchange Act of 1934, as amended (the “Act” or “’34 Act”) and Rule 19b-4 thereunder, NYSE Arca, Inc.(“NYSE Arca” or “Exchange”), proposes to list and trade shares of the Bitwise Dogecoin ETF (the “Trust”) under NYSE Arca Rule 8.201-E (Commodity-Based Trust Shares),” the filing read.

As the 19-b details, the proposed ETF will hold Dogecoin as its main asset and determine its Net Asset Value (NAV) daily using the CF Dogecoin-Dollar Settlement Price, a standard pricing benchmark. This means the ETF’s value will closely track the market price of Dogecoin. 

Other than Bitwise, Grayscale and Rex Shares have also filed for a Doge ETF. Notably, Grayscale’s Dogecoin ETF proposal is further along in the regulatory process, as the SEC has already acknowledged its filing. 

Meanwhile, market sentiment toward a Dogecoin ETF approval in 2025 is turning increasingly optimistic. The latest data from the prediction platform Polymarket indicated a 67% chance of approval, a substantial increase from 55% just a day earlier.

This growing confidence is further reinforced by Bloomberg analysts, who have predicted a 75% chance of approval this year. While approval is far from guaranteed, the rising odds suggest that investor sentiment is shifting in favor of a regulated Dogecoin ETF entering the market this year.

This development marks a significant milestone for Dogecoin, a cryptocurrency originally launched as a joke in 2013 but has since become the top meme coin, boasting a market capitalization of over $28 billion.

Despite the growing optimism, broader macroeconomic conditions have weighed heavily on DOGE’s price. 

At the time of writing, the meme coin traded at $0.19, reflecting a 15.79% drop in the past 24 hours. Trading volume has also taken a hit, showing a 16.80% decrease, signaling weakened market activity despite the ETF narrative.