NYSE Arca Set to Unleash Dogecoin ETF on Traders
Published Date: 3/17/2025
Notice
Summary
NYSE Arca wants to start trading shares of the Bitwise Dogecoin ETF, a new fund tied to Dogecoin, on their exchange. This means investors can buy and sell Dogecoin-based shares easily, starting soon after the SEC reviews the proposal. It’s a big step for crypto fans looking to invest through traditional stock markets.
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Analyzed Economic Effects
8 provisions identified: 3 benefits, 5 costs, 0 mixed.
Dogecoin ETF Trades on NYSE Arca
You will be able to buy and sell shares of the Bitwise Dogecoin ETF on the NYSE Arca once the Trust's Form S-1 registration (filed January 28, 2025) is declared effective. The Shares represent ownership of Dogecoin held by the Trust and will trade on the exchange like other listed securities.
Creation/Redemption Only in 10,000-Share Units
Shares can only be created or redeemed in Creation Units that initially consist of at least 10,000 Shares, and only Authorized Participants (registered broker-dealers or other qualified financial institutions that are DTC participants) may submit creation or redemption orders. Individual retail shareholders cannot redeem single shares directly from the Trust.
Not an Investment Company or Commodity Pool
The Trust will not be registered as an investment company under the Investment Company Act of 1940 and is not a commodity pool under the Commodity Exchange Act.
Sponsor Fee Accrues Daily Paid in Dogecoin
The Trust's only recurring ordinary expense is the Sponsor's unitary management fee, which will accrue daily and be payable in Dogecoin monthly in arrears; the Administrator calculates the fee daily by applying an annualized rate to the Trust's total Dogecoin holdings.
NAV Uses CF Benchmarks at 4:00 p.m. ET
The Trust will calculate NAV each business day as of 4:00 p.m. Eastern Time using the CF Dogecoin-Dollar Settlement Price published by CF Benchmarks Ltd.; the Pricing Benchmark aggregates trades on Constituent Platforms (currently Coinbase, Gemini, and Kraken). An Indicative Trust Value (ITV) based on the CF Dogecoin-Dollar Spot Price will be published every 15 seconds during the NYSE Arca core trading session (9:30 a.m. to 4:00 p.m. ET).
Trust Holds Only Dogecoin; No Derivatives
The Trust's only asset will be Dogecoin and, under limited circumstances, cash; the Trust will not use derivatives that may subject it to counterparty and credit risks, so its exposure is intended to track Dogecoin held by the Trust less expenses.
Use of Short-Term Trade Credit May Add Fees
The Trust may borrow short-term 'Trade Credit' (cash or Dogecoin) from Coinbase Credit, Inc. under a Trade Financing Agreement to facilitate purchases or sales, and any financing fee owed to the Trade Credit Lender is embedded in trade execution costs.
Forks and Airdrops Disclaimed by Sponsor
If the Trust passively receives additional digital assets or rights (IR Assets) through a fork of the Dogecoin network or an airdrop, the Trust has disclaimed ownership of those IR Assets and Incidental Rights and will not include them in NAV or treat them as Trust assets.
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