NYSE Arca proposes rule change to list Bitwise Dogecoin ETF

NYSE Arca has filed a proposed rule change to list and commerce shares of the Bitwise Asset Management Dogecoin exchange-traded fund. 

On March 3, the New York Stock Exchange subsidiary filed the 19b-4, which, if authorized, would allow the alternate to list the Bitwise Dogecoin (DOGE) ETF, a fund providing direct publicity to the memecoin. 

Coinbase will act because the Dogecoin custodian whereas the Bank of New York Mellon will deal with the money custody, administration, and switch company capabilities, it acknowledged. 

The ETF makes use of money creations and redemptions, which means buyers can’t contribute or obtain Dogecoin straight.

Bitwise filed an S-1 registration type for the product with the Securities and Exchange Commission in late January. 

If authorized, this may be one of many first US-listed memecoin ETFs, offering regulated entry to Dogecoin for institutional and retail buyers.

Dogecoin costs didn’t react to the submitting and have tanked greater than 15% on the day, falling to $0.19 in a broader crypto market rout that has worn out all features from Donald Trump’s US crypto reserve announcement on March 2. 

On Feb. 13, the SEC acknowledged Grayscale’s filings for the Grayscale Dogecoin Trust, which means that the timeline for reviewing and deciding on the product has begun, and a possible deadline can be round mid-October. 

Meanwhile, the Nasdaq on March 3 filed an identical proposed rule change with the SEC to list and commerce shares of the Grayscale Hedera Trust. The fund will monitor the value of HBAR, the native token of the Hedera Network. In late February, the Nasdaq filed to list an identical Hedera product from Canary Capital. 

Related: SEC once more delays Ether ETF choices on Cboe

There has been a slew of altcoin ETF functions from numerous issuers, together with funds monitoring the costs of Cardano (ADA), Solana (SOL), Polkadot (DOT), Litecoin (LTC) and XRP (XRP) within the United States for the reason that change in administration and crypto-friendly pivot by the SEC. 

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