Bitwise files Dogecoin ETF proposal, Cboe files Solana ETF applications for the third time

Bitwise officially filed the S-1 form for its spot Dogecoin (DOGE) exchange-traded fund (ETF) with the US Securities and Exchange Commission (SEC) on Jan. 28.

Additionally, Cboe re-filed the 19b-4 forms to trade Solana (SOL) ETFs from VanEck, Canary, Bitwise, and 21shares.

Bloomberg ETF analyst James Seyffart highlighted that the market expected the move from Bitwise as they registered a DOGE trust last week.

He added that this is not a potential “slam dunk” with a chance of definitely getting approval by the SEC. Yet, Seyffart stated that the regulator’s new administration could treat DOGE-related products differently.

Bloomberg senior ETF analyst Eric Balchunas highlighted Bitwise’s use of the 1933 Act to file for its Dogecoin product. This is the same legislation that BlackRock’s spot Bitcoin ETF, the IBIT, came under.

Additionally, a 19b-4 form for Dogecoin ETF trading should be filed, which Seyffart believes will happen soon. Despite being a memecoin, DOGE is the 8th largest crypto by market cap, priced at $0.32 as of press time per CryptoSlate data. It registered nearly $2 billion in trading volume for the past 24 hours.

Bitwise CIO Matt Hougan recently told the Financial Times that DOGE’s market cap and liquidity justify its inclusion in an ETF.

Third try

Another significant movement in the US crypto ETF landscape was the Cboe re-filings for trading Solana ETFs. Seyffart explained that the previous ones, which were Cboe’s second try, were denied.

According to a late 2024 prediction, Seyffart and Balchunas expect Solana ETFs to be approved in the US. However, exchange-traded products tied to assets such as Litecoin (LTC) and Hedera (HBAR) will potentially be approved first.

Purpose Investments and 3iQ Digital Asset Management filed for Solana ETFs in Canada yesterday.

Balchunas stated that Canada will probably beat the US in approving a spot Solana ETF. There is a 35-year trend of the US filing first but being beaten by Canada on launch due to “more liberal regulators.”

However, he highlighted that things could be different, as the new SEC administration’s approach to the filings is unclear.