Bitwise Dogecoin ETF

Bitwise Asset Management, founded in 2016 by Hunter Horsley and Hong Kim, began as a crypto index fund provider. In January 2025, it filed with the SEC to...

Bitwise Dogecoin ETF

Bitwise Asset Management, founded in 2016 by Hunter Horsley and Hong Kim, began as a crypto index fund provider. In January 2025, it filed with the SEC to launch a Dogecoin ETF, making it the first asset manager to target the meme coin with a regulated product. The wealth origin of the firm itself is venture capital; Bitwise has raised over $100 million from investors including Canaan Partners and Strategic Coin. Bitwise offers a mix of crypto index funds, single-asset trusts, and now an ETF structure. The proposed Dogecoin ETF would be physically backed by DOGE tokens, stored via Coinbase Custody. The firm’s broader strategy includes sector-specific indexes like Bitwise 10 Crypto Index Fund and Bitwise Crypto Innovators Index. Geographic footprint spans the US (San Francisco HQ) and Europe, with an office in London (per Bitwise website, 2025). The firm employs about 60 people (per LinkedIn, 2024) and runs separate vehicles: a private fund for accredited investors and a series of public trust products. In late 2024, Bitwise filed for an XRP ETF, signaling a push beyond Bitcoin and Ethereum (per Reuters, November 2024). The upcoming Dogecoin ETF would trade under the ticker DOGE if approved. Bitwise’s structural differentiator is its regulatory-first posture. Unlike many crypto managers that operate offshore, Bitwise registers SEC facilities and uses third-party custodians. The Dogecoin filing tests whether meme coins can achieve SEC approval as commodities — a precedent that would reshape token classification beyond the firm’s own product line.

General information

Firm type

Asset Manager

How does Bitwise generate proprietary deal flow for crypto assets?

Bitwise operates as an asset manager, not a venture firm. Its deal flow for index inclusion relies on secondary market liquidity, exchange listing data, and internal research analyzing token fundamentals. The firm uses a proprietary framework to evaluate whether a token meets its index criteria, including liquidity thresholds and custody feasibility (per Bitwise Asset Management, 2024).

What investment stages does Bitwise target across its products?

Bitwise’s funds are purely liquid — they invest in publicly traded crypto tokens, not pre-launch stages or venture rounds. The Dogecoin ETF follows this model. The firm’s index funds cap holdings based on market capitalization, with rebalancing every three months (per Bitwise website, 2025).

How does Bitwise approach regulatory risk differently from other crypto asset managers?

Bitwise is one of the few crypto managers that registered its fund structures with the SEC as investment companies under the Investment Company Act of 1940. It also uses regulated third-party custodians (Coinbase, Gemini) and has filed for multiple ETPs with the SEC, positioning itself for US regulatory compliance rather than offshore operations (per Bitwise, 2025).

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