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

NYSE Arca has submitted a 19b-4 filing with the US Securities and Exchange Commission (SEC) to list and trade a Dogecoin (DOGE) exchange-traded fund (ETF) from Bitwise.

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.