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.
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.
Personalized for You
How does this regulation affect your finances?
Personalize government policy and PRIA will tell you what this federal register document means for your household, plus every other regulation we track. PRIA reads each provision against your financial profile to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Related Federal Register Documents
2026-17183, Regulation Crypto Assets
The Securities and Exchange Commission ("Commission") is proposing new rules to create a tailored offering regime for certain investment contracts involving crypto assets. The proposed offering regime is intended to facilitate capital formation and accommodate innovation within the crypto asset markets while, at the same time, ensuring that investors are adequately protected and provided with the information they need to make informed investment decisions. The proposed rules would be set forth in a new regulation titled "Regulation Crypto Assets" and would include two exemptions from the registration requirements of section 5 of the Securities Act of 1933. The first exemption would permit offerings of up to $5 million during a four-year period. The second exemption would permit offerings of up to $75 million during each 12-month period. Under both exemptions, issuers would be required to make certain principles-based narrative disclosures available to their investors. In addition, issuers under the second exemption would be required to provide financial statements and would be subject to ongoing reporting requirements. Issuers that rely on these exemptions would remain subject to the antifraud and antimanipulation provisions of the Federal securities laws. The proposed rules also would include a conditional safe harbor from the term "investment contract" in the definitions of "security" in the Securities Act of 1933 and the Securities Exchange Act of 1934. If the conditions of that proposed safe harbor are satisfied, then a crypto asset would be deemed not to be subject to an investment contract for purposes of those definitions of "security."
2026-12163, The Trade-Through Rule and Locked and Crossed Markets Provisions of Regulation NMS
The SEC wants to scrap some old rules that stop stocks from being traded at worse prices and prevent confusing market quotes. This change affects stock traders and exchanges, aiming to simplify trading and possibly speed things up. If you want to share your thoughts, you’ve got until August 17, 2026, so don’t miss out!
2026-10373, Registered Offering Reform
The SEC wants to make it easier and cheaper for more companies to sell their stocks and bonds to the public. They’re opening up special forms and benefits to more businesses, updating rules to be more modern, and cutting red tape by overriding some state rules. If you’re a company planning to raise money, these changes could speed things up and save you money, with feedback due by July 27, 2026.
2026-10222, Enhancement of Emerging Growth Company Accommodations and Simplification of Filer Status for Reporting Companies
The SEC is making it easier for companies that report their finances by simplifying their categories into just two groups: big and small filers. Smaller companies, including emerging growth ones, will get more time to file reports and enjoy simpler rules, while big companies keep stricter standards. These changes aim to save time and money, with feedback open until July 20, 2026.
2026-07651, Concept Release on Consolidated Audit Trail and Other Audit Trails and Data Sources
The SEC wants your thoughts on how it tracks stock market trades using the Consolidated Audit Trail and other data tools. They’re thinking about updating rules to keep up with new tech, privacy, and security needs, and to make sure the system is fair and cost-effective. If you’re involved in the stock market or data tracking, speak up by June 22, 2026!
2026-17058, Self-Regulatory Organizations; Nasdaq ISE, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Exchange's Connectivity Schedule and Discontinue a Previously Proposed Offering
Previous / Next Documents
Previous: 2025-04151, Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Filing of Proposed Rule Change To List and Trade Shares of Grayscale Hedera Trust (HBAR) Under Nasdaq Rule 5711(d) (Commodity-Based Trust Shares)
Nasdaq wants to start trading shares of the Grayscale Hedera Trust (HBAR), a new kind of investment tied to the Hedera cryptocurrency. This change means investors can buy and sell HBAR shares on Nasdaq soon, making it easier to invest in this digital asset. The proposal is open for public comments before it officially goes live, so keep an eye out!
Next: 2025-04153, Self-Regulatory Organizations; Long-Term Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the LTSE Fee Schedule
The Long-Term Stock Exchange (LTSE) just changed its fee schedule to update rebates for trades involving stocks priced $1 or more. This change started on March 3, 2025, and affects anyone trading on LTSE by tweaking how much money they get back for adding liquidity. The SEC is keeping an eye on it and asking for public feedback to make sure it’s fair and smooth.