NYSE Arca has approved the listing of a Bitwise Dogecoin exchange-traded fund, pushing the joke cryptocurrency further into mainstream financial markets.
The ETF, which will trade under the ticker BWOW, is slated to begin operations as early as Wednesday. It will allow investors to gain direct exposure to Dogecoin’s price without directly holding the digital asset.
Coinbase Custody Trust Company, LLC has been confirmed as the custodian for the fund’s underlying assets. The approval by NYSE Arca for listing under the Securities Exchange Act of 1934 marks a significant regulatory milestone.
This debut follows closely on the heels of other Dogecoin-related investment products. The Grayscale Dogecoin ETF recently commenced operations, and the REX Osprey DOGE ETF launched in September.
Dogecoin, initially created as a satirical experiment, has seen its market capitalization grow to approximately $23 billion, making it the tenth-largest digital asset. Its public profile was significantly boosted by entrepreneur Elon Musk’s frequent social media endorsements.
Despite its playful origins, Dogecoin has increasingly entered discussions within the financial and regulatory spheres. In 2024, a class-action lawsuit accusing Musk of manipulating Dogecoin’s price was dismissed.
The launch of the Bitwise Dogecoin ETF is part of a broader trend of institutional infrastructure embracing digital assets. Analysts anticipate the arrival of new ETFs tracking cryptocurrencies like Litecoin, HBAR, XRP, and Solana in the coming weeks.
This expansion reflects growing investor demand for diversified exposure to the cryptocurrency market. It also offers a way to navigate the complexities of self-custody or unregulated trading platforms.
The performance of BWOW will be closely monitored by market participants. They seek to gauge the true extent of institutional interest in financial products based on less conventional digital assets.