Ah, dear reader, in this age of bewildering absurdities, we find ourselves confronted with yet another spectacle of human folly. Bitwise, that audacious purveyor of financial instruments, has dared to approach the hallowed halls of the US Securities and Exchange Commission, seeking to list an exchange-traded fund (ETF) that would, in a most curious manner, track the price of none other than the infamous memecoin, Dogecoin. Can you fathom the depths of this endeavor?
In their S-1 filing, dated January 28, Bitwise has proposed a Dogecoin ETF that would not merely hold the whimsical DOGE but would endeavor to follow its capricious price movements as if it were a faithful hound chasing after its own tail. Oh, the irony! The very essence of a memecoin, a digital jest, now elevated to the status of a financial instrument!
Bloomberg’s ETF analyst, the astute James Seyffart, has noted on the platform known as X that Bitwise took the initial step of registering a Dogecoin trust in Delaware on January 22. “But this makes it official with the SEC,” he proclaimed, as if the mere act of officialdom could lend gravitas to such a farcical pursuit.
Yet, dear reader, let us not forget the bureaucratic labyrinth that lies ahead! Bitwise’s S-1 filing must be accompanied by a 19b-4 filing, a necessary step to ignite the approval or denial process for this dog-themed fund. How delightful it is to witness the rise of DOGE, which has amassed a staggering $47 billion market cap since its inception in 2015, now standing proudly as the eighth-largest cryptocurrency. Truly, a testament to the human spirit’s capacity for absurdity!
Moreover, Bitwise has not rested on its laurels; it has also recently filed to list a spot Solana (SOL) ETF and an XRP (XRP) ETF. One can only wonder what other whimsical financial instruments await us in this carnival of capitalism!
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2025-01-29 01:32