Crypto asset manager Bitwise has uploaded documents to launch an exchange-traded fund (ETF) tied to the price of dogecoin (DOGE), a filing with the US. Securities and Exchange Commission on Tuesday shows.
The filing, an S-1 document, is a requirement for companies seeking to issue a new security and be listed on a public stock exchange.
Earlier this month, investment managers Rex Shares and Osprey Funds filed paperwork for several crypto ETFs, including dogecoin among other memecoins.
However, Bitwise’s filing differs in that it is filed under the ‘33 Act as opposed to the 40 Act, which Rex and Osprey filed under, Bloomberg Intelligence senior ETF analyst Eric Balchunas pointed out.
S-1s filed under the ‘33 Act are typically used for niche, commodity-based ETFs while filing under the 40 Act provides stronger investor protection as it requires the issuer to meet further SEC rules. The 40 Act, for example, limits leverage and short-selling and requires stricter fiduciary oversi
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