NYSE Arca proposes $0.19 Dogecoin ETF listing

NYSE Arca has submitted a proposed rule change to the U.S. Securities and Exchange Commission (SEC) to list and trade shares of the Bitwise Dogecoin (CRYPTO:DOGE) ETF.

This filing marks a significant step towards providing regulated access to Dogecoin for both institutional and retail investors in the U.S.

The ETF, managed by Bitwise Asset Management, would offer direct exposure to Dogecoin, with Coinbase acting as the custodian for the cryptocurrency and the Bank of New York Mellon handling cash custody and administrative tasks.

The fund uses cash creations and redemptions, meaning investors cannot directly contribute or receive Dogecoin.

If approved, this would be one of the first U.S.-listed memecoin ETFs, reflecting growing institutional interest in cryptocurrencies.

Despite the filing, Dogecoin's price fell over 15% to $0.19, influenced by a broader crypto market downturn.

Grayscale has also filed for a Dogecoin Trust, which is further along in the regulatory process, with the SEC acknowledging its filing in February.

Other altcoin ETF applications, including those for Cardano, Solana, Polkadot, Litecoin, and XRP, are also pending review.

The approval of a Dogecoin ETF could signal increased mainstream acceptance of cryptocurrencies, potentially boosting their adoption and visibility.

However, the SEC's decision will depend on various factors, including market conditions and regulatory considerations.

As the crypto market continues to evolve, the introduction of such ETFs could provide investors with new avenues for exposure to cryptocurrencies, offering a regulated and more accessible investment option compared to direct cryptocurrency purchases.

The ongoing regulatory environment, marked by a crypto-friendly shift following recent political developments, may influence the SEC's stance on these ETF applications.

At the time of reporting, the Dogecoin (DOGE) price was $0.1924.