This is honestly pretty wild. Bitwise just launched a Dogecoin ETF trading under the ticker BWOW on the NYSE starting November 26th. Yeah, you read that right. An ETF for a cryptocurrency that literally started as a joke based on a meme of a Shiba Inu dog.
Bitwise CEO Hunter Horsley basically admitted everyone’s surprised by this, including them. He said DOGE doesn’t pretend to transform global markets or claim it has fundamentals. It’s just a 12-year-old coin based on a cute dog picture that somehow stayed relevant longer than most cryptos. And millions of people hold it, so Bitwise figured they deserve an ETF option.
The management fee is 0.34%, but they’re waiving fees completely for the first month on the first $500 million in assets. DOGE is currently the seventh-largest crypto with a $22 billion market cap and about $1 billion traded daily on exchanges.
The prospectus comes with a ton of warnings, though. They’re not shy about saying this is risky as hell. DOGE has no utility, it’s massively volatile, and it has an unlimited supply, which could hurt long-term value. It’s basically a digital collector’s item that could go to zero. But people love it anyway.
Conclusion
Bitwise’s Dogecoin ETF launch legitimizes memecoin investing through traditional financial products, offering millions of DOGE holders regulated exposure despite the cryptocurrency’s inherent volatility and lack of fundamental utility.
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