Bitwise gears up to launch its spot Dogecoin ETF as the issuer amends its application to include ticker, fees, and other key details. The final deadline for the US SEC to decide on the exchange-traded fund (ETF) is November 12. Will the Dogecoin ETF tracking spot DOGE price gain approval next week or go auto-effective to list and trade later this month?
Spot Dogecoin ETF by Bitwise Set to Launch in November
Asset manager Bitwise submits a fourth amendment to its spot Dogecoin ETF application, according to an S-1 filing with the US SEC. The trust’s investment objective is to provide exposure to Dogecoin, tracking spot DOGE prices from the CF Dogecoin-Dollar US Settlement Price Index.
The issuer discloses BWOW as the ticker symbol, with plans to list and trade on NYSE Arca by November-end. Coinbase Custody will serve as the custodian for safekeeping DOGE holdings for the Bitwise Dogecoin ETF. Also, BNY Mellon to serve as the cash custodian.
Bitwise Dogecoin ETF. Source: Bloomberg’s Eric BalchunasMoreover, Bitwise Asset Management will serve as a seed capital investor. The firm has agreed to purchase $200 in shares on November 3, with a delivery of eight shares at a per-share price of $25. In addition, Bitwise Investment Manager plans to purchase the initial shares for $2.5 million.
Bitwise spot Dogecoin ETF Announces Fee Waiver
The asset manager revealed a management fee of 0.34% for the spot Dogecoin ETF. It plans to waive the entire sponsor fee for one month. It only applies to the first $500 million in total DOGE holdings from the listing date on the exchange.
Bloomberg ETF analyst Eric Balchunas said, “Bitwise is doing the 8(a) move for their spot Dogecoin ETF, which basically means they plan on going effective in 20 days barring an intervention.” This means the Dogecoin ETF will get auto-effective with 8-A and CERT filings.
In case the government shutdown ends, the U.S. SEC can make its final decision on the November 12 deadline. If approved, the spot Dogecoin ETF will likely start trading next week.
As CoinGape reported earlier, 21Shares Dogecoin ETF amended its application with TDOG as the ticker symbol and other key details recently. The ETF plans for listing and trading on the Nasdaq exchange.
DOGE Price Pumps
DOGE price climbs almost 1.30% today as traders respond immediately to the Bitwise spot Dogecoin ETF news. The price is currently trading at $0.166, with a 24-hour low and high of $0.1577 and $0.1661, respectively.
Trading volume dips 2% to $1.92 billion over the last 24 hours. It signals cautious trading amid fears of a further crypto market crash.
Derivatives markets also showed DOGE buying in the last few hours, as per Coinglass data. The total DOGE futures open interest jumps by 2.30% to $1.40 billion in the last 4 hours.
Source: https://coingape.com/bitwise-prepares-for-spot-dogecoin-etf-launch-discloses-ticker-and-fees/
