TLDR
- SEC delays decision on Bitwise Dogecoin ETF until November 2025.
- Public concerns raised over market manipulation and liquidity risks.
- Bitwise argues Dogecoin has strong liquidity and community backing.
- Delay extends the review process after initial June deadline.
- A Dogecoin ETF could pave the way for other niche digital assets.
The U.S. Securities and Exchange Commission (SEC) has delayed its decision on the Bitwise Dogecoin ETF. The agency announced it would take until November 12, 2025, to finalize its ruling. This delay extends the review process, which began in June after Bitwise amended its filing.
The SEC initially had a deadline in June to approve or reject the Dogecoin ETF proposal. However, the Commission launched formal proceedings to examine the proposal more closely. As a result, the deadline was moved to September 13, 2025, with a further 60-day extension.
Officials from the SEC stated that the extra time would allow for more thorough review. The SEC needs time to analyze the proposal and public comments it received. Several responses expressed concerns about market manipulation and liquidity related to the Dogecoin ETF.
Concerns Over Market Manipulation and Liquidity
Several public responses raised concerns similar to those raised in previous ETF filings, such as for Grayscale’s Dogecoin ETF. These comments primarily focused on issues of market manipulation and liquidity risks. Critics argue that Dogecoin’s volatility could harm retail investors if it is listed as an exchange-traded product.
The SEC’s scrutiny over these concerns is a key reason for the delay. Some also question whether Dogecoin is suitable for an exchange-traded fund (ETF). These concerns have prompted calls for more detailed analysis, as the SEC examines the implications for the broader market.
Despite these challenges, Bitwise has remained confident in the proposal. Bitwise asserts that Dogecoin offers substantial liquidity, along with a strong community backing the token. According to Bitwise, these factors make it an ideal asset for the ETF.
The Potential Impact of a Dogecoin ETF
The approval of a Dogecoin ETF would be a historic moment in the cryptocurrency world. If approved, it would mark the first time a meme-based cryptocurrency has been endorsed as an ETF in the United States. The approval would signal a shift in how the SEC views digital assets, especially meme coins like Dogecoin.
A Dogecoin ETF could pave the way for other niche digital assets to seek similar approval. According to Bloomberg analyst Eric Balchunas, the first spot Dogecoin ETF could launch as early as September 11. If this prediction holds, it would further push the envelope for crypto ETFs, especially in meme coins.
Despite the SEC’s delay, Dogecoin has remained resilient in the market. As of now, DOGE is trading at approximately $0.2407, down 0.38% for the day. Over the past week, however, the token has seen a 14% increase, and in the last six months, it has gained nearly 40%.