Dogecoin ETF Race Heats Up as Bitwise Bypasses Traditional SEC Review

• The Dogecoin spot ETF is expected to go live in 20 days, as Bitwise invokes Section 8(a) of the Securities Act.

• Doge bearish market structure persists despite the ETF launch news.

Bitwise Eyes Dogecoin spot ETF

Bitwise Asset Management is making an aggressive play to bring the first U.S. spot Dogecoin ETF to market. The firm recently removed the standard “delaying amendment” from its S-1 filing, invoking Section 8(a) of the Securities Act, a little-used provision that allows automatic approval if the U.S. Securities and Exchange Commission (SEC) does not take action within 20 days.

If the SEC remains silent, the ETF could go live by November 26, positioning Bitwise as the first issuer to secure institutional DOGE exposure through a regulated spot fund. This strategy signals growing confidence that U.S. regulators are more comfortable with single-asset digital ETFs, especially after the recent listing of spot ETFs for Solana, Litecoin, and Hedera, which saw strong early demand.

How Section 8(a) Works

Typical ETFs undergo months of back-and-forth review with the SEC before approval. Under Section 8(a), however, a product may become effective automatically unless the agency formally delays or denies the request.

Bloomberg ETF analyst Eric Balchunas described the move as a hard push: firms use it only when they believe the SEC is either unlikely to intervene quickly or unwilling to fight the approval process.

The Bitwise Dogecoin ETF would

Hold real Dogecoin (spot backing), use Coinbase Custody for safekeeping of the crypto, assign BNY Mellon to manage cash balances, and track the CF Dogecoin-Dollar Settlement Price index.

If approved, investors would gain exposure to DOGE price movements without having to custody the tokens themselves. That lowers the technical barrier for new market entrants and may open DOGE exposure to institutional capital, including advisors and funds previously restricted from holding native tokens.

DOGE Price Stumbles Despite ETF Headlines

While ETF optimism has sparked speculation, the Dogecoin market has not reacted positively. Over the past week, DOGE has slipped nearly 11%, trading around $0.163 as of press time.

On-chain activity shows heavy pressure from large holders. More than 1 billion DOGE —roughly $440 million —moved among whale wallets over just 72 hours. This activity is interpreted as a distribution and is likely to be weighed on price.

DOGE briefly fell to $0.1590 before recovering modestly, but strong resistance remains near $0.1674.

Traders appear unconvinced that ETF progress alone can reverse near-term technical softness, especially while whales continue rotating out of DOGE.

Grayscale Follows Institutional Interest Builds

Bitwise is no longer alone in chasing Dogecoin ETF approval. Grayscale amended its own spot DOGE filing and also opted into the Section 8(a) approval countdown, hinting that the firm sees a viable path to market.

Bloomberg analysts estimate a 90%+ probability that multiple Dogecoin spot ETFs will be trading before the end of 2025. The willingness of two major issuers to fast-track their applications signals deepening institutional interest in meme-coin exposure and a broader shift toward normalizing high-risk digital assets within regulated markets.

What Comes Next

If the SEC remains silent, Bitwise’s ETF would proceed with a development that could redefine investor access to Dogecoin. At the same time, the race between Bitwise and Grayscale suggests that meme-coin ETFs may become a competitive arena as issuers look to expand beyond Bitcoin, Ethereum, and more established assets.

Industry observers say this strategy tests how far issuers can push crypto ETF approvals without meeting resistance. If successful, the Section 8(a) playbook could also pave the way for ETF filings tied to additional meme coins and emerging tokens.

For now, DOGE trade remains caught between ETF enthusiasm and macro bearish sentiment, overshadowed by whale selling and weak derivatives positioning. Whether the ETF breakthrough can ignite new upside momentum remains one of the biggest questions hovering over the meme-coin market.