The Blockchain Bulletin, March 5: Bitwise Files for Dogecoin ETF

Hey folks! Welcome to the latest edition of The Blockchain Bulletin. Buckle up as we explore different news headlines that met the top standards of our attention in the past 24 hours. Bitwise Asset Management filed for a Dogecoin ETF on the New York Stock Exchange, marking a huge step toward transforming Dogecoin from a meme coin to a regulated financial asset. 

The ETF would offer investors regulated exposure to Dogecoin without the complexities of direct ownership. This move is part of a broader trend in the crypto industry, with several Bitcoin ETFs gaining approval from the U.S. Securities and Exchange Commission (SEC). These developments point to the regulatory acceptance of digital assets.

On the other hand, the SEC has closed its investigation on Yuga Labs, the company behind Bored Ape Yacht Club. Investigations were initiated in October 2022 to determine whether BAYC NFTs violated federal securities laws. However, the commission did not charge Yuga Labs, after which the case was closed. 

Following Trump’s announcement of a strategic crypto reserve, criticism arose questioning the plan’s viability. With the proposal, the market spiked but later dumped. Following this, Peter Schiff accused Trump of orchestrating a “pump and dump” scheme. Further, he highlighted a post by Eric Trump, stating that the plan was premeditated. Claiming that this could be the “biggest crypto rug pull” of all time, Schiff;’s statement drew mixed responses from the community. Furthermore, a Congressional investigation has been started to examine the price fluctuations following Trump’s announcement.

Related: Samson Mow Warns Against Altcoin Inclusion in National Crypto Plan

Elsewhere, massive transfers of Solana (SOL) took place after the crypto reserve proposal. The parallel movement of XRP, SOL, and ADA, together with sizable transfers of $TRUMP tokens, pointed out that some of the investors are trying to position themselves ahead of possibly shifting policies. These transfers were under the watchful eye of analysts, speculating that perhaps the institutional investors were making an early move. Also, FTX and Alameda Research distributed 3.03 million Solana for $432.5 million, with analysts looking towards huge deposits to major exchanges in no time.

Meanwhile, Pi Coin (PI) saw smooth upward movement, raising its market capitalization by $12.23 billion. Nevertheless, despite the valuation increase of 8.81%, Pi Coin’s trading volume dropped by 35.02%. The price remains subject to intense volatility, oscillating between $1.61 and $1.79. The decline in Ethereum seems to have broken significant support levels. Analysts warn that if the price fails to overtake that level of support, then Ethereum may continue to lose value. Also, BTC was rejected at the $95,000 resistance level and declined to the support zone of $82,000-$83,000. Traders are closely keeping bilateral options for recovery versus decline under the watchful eye.  

Related: Bitcoin Should be Given the Top Priority: Gemini CEO

The establishment of regulatory equilibrium being far from complete, Coinbase has filed a FOIA request with the SEC, requesting that the agency disclose the costs incurred in enforcement actions against crypto firms. The subject of the request is to examine the SEC’s cost of investigation activities on crypto-related issues from 2021 to 2025. This move comes after the lawsuit that Coinbase had filed against the SEC was dismissed earlier in February 2025.

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