NYSE Arca has filed a proposed rule change to record and commerce shares of the Bitwise Asset Administration Dogecoin exchange-traded fund.
On March 3, the New York Inventory Change subsidiary filed the 19b-4, which, if authorized, would allow the trade to record the Bitwise Dogecoin (DOGE) ETF, a fund providing direct publicity to the memecoin.
Coinbase will act because the Dogecoin custodian whereas the Financial institution of New York Mellon will deal with the money custody, administration, and switch company features, it acknowledged.
The ETF makes use of money creations and redemptions, which means traders can’t contribute or obtain Dogecoin straight.
Bitwise filed an S-1 registration type for the product with the Securities and Change Fee in late January.
If authorized, this might be one of many first US-listed memecoin ETFs, offering regulated entry to Dogecoin for institutional and retail traders.
Screenshot from NYSE 19b-4. Supply: NYSE
Dogecoin costs didn’t react to the submitting and have tanked greater than 15% on the day, falling to $0.19 in a broader crypto market rout that has worn out all positive aspects from Donald Trump’s US crypto reserve announcement on March 2.
On Feb. 13, the SEC acknowledged Grayscale’s filings for the Grayscale Dogecoin Belief, which means that the timeline for reviewing and deciding on the product has begun, and a possible deadline could be round mid-October.
In the meantime, the Nasdaq on March 3 filed an analogous proposed rule change with the SEC to record and commerce shares of the Grayscale Hedera Belief. The fund will monitor the worth of HBAR, the native token of the Hedera Community. In late February, the Nasdaq filed to list an analogous Hedera product from Canary Capital.
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