NYSE Arca Files Rule Change Proposal to List Bitwise Dogecoin ETF

NYSE Arca has filed a proposed rule change to list and trade shares of the Bitwise Asset Management Dogecoin exchange-traded fund (ETF).

On March 3, the New York Stock Exchange subsidiary submitted the 19b-4 filing, which, if approved by the SEC, would enable the exchange to list the Bitwise Dogecoin ETF, a fund that provides direct exposure to the Dogecoin memecoin.

Coinbase will serve as the custodian of Dogecoin, while Bank of New York Mellon will handle cash custody, administration, and transfer agency functions.

The ETF uses cash creations and redemptions, meaning that investors will not be able to directly contribute or receive Dogecoin.

Bitwise filed the S-1 registration form for the product with the U.S. Securities and Exchange Commission (SEC) at the end of January.

If approved, this would become one of the first U.S.-listed memecoin ETFs, providing regulated access to Dogecoin for both institutional and retail investors.

Increased Applications and Dogecoin Price

Dogecoin prices did not react to the filing and fell over 15%, dropping to $0.19 on March 2 in a broader crypto market downturn that wiped out all gains from Donald Trump’s U.S. crypto reserve announcement.

On February 13, the SEC acknowledged Grayscale’s filings for the Grayscale Dogecoin Trust, meaning the review and decision process for the product has started, with a potential deadline around mid-October.

Meanwhile, on March 3, Nasdaq filed a similar proposed rule change with the SEC to list and trade shares of the Grayscale Hedera Trust, which will track the price of HBAR, the native token of the Hedera Network. Additionally, in late February, Nasdaq filed for a similar Hedera product from Canary Capital.

Following the change in administration and the SEC’s crypto-friendly stance, multiple altcoin ETF applications, including funds tracking Cardano, Solana, Polkadot, Litecoin, and XRP prices, have been filed in the United States.

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As a result of the extensive investigation conducted by the FBI, it was revealed that the suspect illegally gained access to the SEC’s social media accounts and announced the launch of a fake ETF. The tweet claimed that a new ETF had been launched and that this investment vehicle offered high-yield opportunities. This misleading information spread rapidly, especially on social media, causing investors to take sudden actions.

The Person Responsible for the Events with the SEC Tweet Revealed

The FBI’s cybercrime unit was able to identify the source of the tweet as a result of the technical examination it launched following the incident. Authorities stated that the suspect used cybersecurity vulnerabilities to access the SEC account. The criminal’s aim was to gain unfair profits by manipulating the markets.

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FBI officials did not disclose the identity of the arrested person, but it was stated that this person will be tried for crimes such as fraud and market manipulation. The investigation is still ongoing and it is being investigated whether there are other accomplices in the incident.

SEC and Cybersecurity Vulnerability

The SEC stated in a statement after the incident that they increased their security measures after this unauthorized access to social media accounts. The Commission emphasized that it has implemented advanced security protocols to prevent similar attacks.

Experts state that such manipulation attempts can have serious effects on the markets and that investors should be careful. The spread of false information has become a rapidly growing threat, especially on social media platforms. This incident has once again revealed how sensitive financial institutions and regulatory bodies are to cybersecurity risks.

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The eagerly awaited Bitcoin ETF decision is coming! The Securities and Exchange Commission (SEC) of the United States is focusing on the date it will make its decision for spot Bitcoin ETFs. According to Bloomberg ETF analysts Eric Balchunas and James Seyffart, the SEC is expected to announce its decision on this matter as early as January 10. The analysts rate the chances of spot Bitcoin ETF approval at 90%.

However, there is another situation for applications for the Ethereum ETF. The SEC has postponed its decision to review applications for the EHashdex Nasdaq Ethereum ETF and Grayscale Ethereum Futures ETF to May 2024, along with procedures to collect more public input. This seems to keep Ethereum investors waiting a bit longer.

What is a Bitcoin ETF? It is allows investors to easily invest in Bitcoin through a fund traded on traditional exchanges. This provides access to Bitcoin without using a crypto exchange. The price of the Bitcoin ETF increases or decreases in direct proportion to Bitcoin’s price movements, offering investors an easy opportunity to expose to Bitcoin.

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Meetings with the SEC continue on Bitcoin ETF!

The SEC has been postponing many ETF applications for some time and is holding meetings behind closed doors with investment companies, trying to reach an agreement on certain items of the applications.

Grayscale‘s spot Bitcoin ETF application was on the agenda at the last SEC meeting and was considered a significant step for the crypto world. Also, it’s seen that major companies like ARK & 21Shares, WisdomTree and BlackRock have updated their spot Bitcoin ETF applications. All these developments are seen as a positive step in terms of Bitcoin being traded in a wider market and gaining more access to traditional investors.

Ultimately, investors and the crypto community are eagerly awaiting the SEC’s ETF decision. This decision expected on January 10 could have a significant impact on the crypto market. Stay tuned, will the BTC ETF be approved, we’ll see together!

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The post When is the Bitcoin ETF Decision? Will BTC ETF be Approved? appeared first on Coin Engineer.