Bitwise Dogecoin ETF Approved by NYSE Arca, Set to Begin Trading Amid Grayscale's Tepid Launch

NYSE Arca has authorized Bitwise to launch its Dogecoin ETF today, trading under the ticker BWOW. This approval follows Grayscale's ETF debut on Monday, which experienced a sluggish market entry.

Bitwise Dogecoin ETF Launch

The ETF will be available for trading following its certification by NYSE Arca, providing a regulated investment vehicle for Dogecoin, now the tenth largest cryptocurrency with a market cap of $22 billion.

Bitwise confirmed the listing in a public statement on X, emphasizing the community's demand for such an investment option. The ETF is registered under the Securities Act of 1933, with Coinbase Custody Trust serving as the asset custodian.

Market Dynamics

Despite the launch, Dogecoin's price remains unchanged, declining by 1% over the past 24 hours and over 27% in the last month. Grayscale's ETF only achieved $1.4 million in trading volume on its first day, falling short of the predicted $12 million.

Experts suggest Bitwise's fund might perform better, potentially boosting Dogecoin's value. Meanwhile, the REX-Osprey DOGE ETF, launched in September, manages approximately $25 million in assets.