Bitwise Files Dogecoin ETF Application as Cboe Resubmits Solana ETF Proposals – Will the SEC Approve?

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The U.S. cryptocurrency market is witnessing a pivotal moment as major asset managers and exchanges ramp up efforts to bring new spot crypto ETFs to market. Recently, Bitwise officially filed an application with the U.S. Securities and Exchange Commission (SEC) for a spot Dogecoin (DOGE) ETF, while Cboe BZX Exchange has resubmitted multiple Solana (SOL) spot ETF proposals on behalf of several asset firms. These developments signal growing momentum in the push for broader crypto ETF adoption—especially under a potentially more crypto-friendly regulatory environment.

With the incoming SEC leadership and shifting political winds, the approval or rejection of these products could set a precedent for how digital assets are treated in traditional finance.

Bitwise Takes Lead on Dogecoin ETF

In a significant move, Bitwise Asset Management submitted its S-1 registration form to the SEC, formally launching the regulatory review process for the proposed Bitwise Dogecoin ETF. This follows earlier announcements and positions Bitwise as one of the first serious contenders aiming to bring DOGE into the mainstream investment arena via an exchange-traded product.

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Dogecoin, originally created as a meme-based cryptocurrency, has evolved into a top-tier digital asset by market capitalization—currently ranking among the top six globally. According to Matt Hougan, Chief Investment Officer at Bitwise:

"There is clear investor demand for exposure to Dogecoin. It’s not just a cultural phenomenon—it’s a highly liquid asset with over $1 billion in daily trading volume."

This filing underscores a broader trend: institutional interest in meme coins is no longer speculative but increasingly operational. Bitwise isn’t alone—Osprey Funds and Rex Shares have also filed applications for their own DOGE-based ETFs, indicating rising confidence in retail-driven cryptocurrencies as viable investment vehicles.

However, unlike rule changes that trigger mandatory review timelines (such as 19b-4 filings), S-1 forms do not impose strict deadlines on the SEC. This means the timeline for approval—or rejection—remains uncertain, leaving investors in a waiting game.

Still, the very act of filing signals strategic optimism. With increased political support for digital assets, sponsors believe now may be the ideal window to gain regulatory traction.

Cboe BZX Revives Solana ETF Push

Simultaneously, Cboe BZX Exchange has re-entered the spotlight by resubmitting 19b-4 applications for spot Solana ETFs from multiple issuers, including:

These filings mark a renewed effort after previous applications were voluntarily withdrawn following discussions with the SEC. By re-filing, Cboe is effectively restarting the clock on the mandatory review period. Once the SEC accepts the filing and publishes it in the Federal Register, a formal decision timeline begins—typically within 240 days.

The implications are substantial. Unlike Bitcoin and Ethereum—widely treated as commodities—Solana’s classification remains ambiguous. The SEC has not clearly stated whether SOL qualifies as a security or a commodity, and this determination will heavily influence any approval decision.

A favorable ruling could open the floodgates for other proof-of-stake (PoS) and smart contract platform tokens to pursue similar products. Conversely, hesitation could delay not only Solana ETFs but also future innovations in decentralized finance (DeFi) and Web3 investing.

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Despite regulatory uncertainty, market sentiment remains bullish. Many analysts expect that if BTC and ETH ETFs were approved, Solana—given its strong developer activity, scalability, and ecosystem growth—deserves comparable treatment.

Will the SEC Approve DOGE and SOL ETFs?

While enthusiasm is high, the path to approval is far from guaranteed. The SEC will likely scrutinize both categories based on two key concerns:

1. Volatility and Speculative Nature of Meme Coins

Dogecoin’s price movements are often driven by social media trends rather than fundamentals. While this reflects genuine community engagement, regulators may worry about retail investors being exposed to excessive risk through leveraged or passive investment products like ETFs.

2. Regulatory Ambiguity Around Solana

If the SEC determines that Solana was distributed through an unregistered securities offering—particularly during its initial fundraising phases—it could block ETF approval unless significant legal precedents shift.

Yet there are powerful counterforces at play:

These shifts suggest a potential thaw in the SEC’s historically cautious stance toward crypto.

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Moreover, with spot Bitcoin and Ethereum ETFs already live and performing robustly, the argument for expanding access to other major cryptocurrencies grows stronger. If the SEC denies Solana or Dogecoin ETFs without clear justification, it risks appearing inconsistent—or even arbitrary—in its enforcement.

Frequently Asked Questions (FAQ)

Q: What is a spot Dogecoin ETF?
A: A spot Dogecoin ETF directly holds DOGE tokens and tracks their real-time market price, allowing investors to gain exposure without managing private keys or using crypto exchanges.

Q: Why is Cboe resubmitting Solana ETF applications?
A: After prior withdrawals due to SEC feedback, Cboe is restarting the formal process. Resubmission triggers a time-bound review period, increasing pressure on the SEC to issue a public decision.

Q: Is Dogecoin considered a security by the SEC?
A: As of now, the SEC has not classified Dogecoin as a security. Its long history, decentralized nature, and lack of central fundraising make it more likely to be treated as a commodity.

Q: How does political change affect crypto ETF approvals?
A: A pro-innovation administration can influence SEC priorities and leadership appointments, creating a more favorable environment for crypto product approvals—even for assets with gray-area status.

Q: When could we see a Solana ETF launch?
A: If filings proceed smoothly and no delays occur, a decision could come by mid-to-late 2025—assuming the SEC follows standard review timelines.

Q: Are meme coin ETFs safe for investors?
A: While they carry higher volatility, regulated ETFs offer transparency, custody solutions, and audit trails that reduce counterparty risk compared to direct crypto holdings.

Core Keywords

The coming months will be critical in shaping the future of digital asset investing in the U.S. As Bitwise advances its Dogecoin proposal and Cboe pushes for Solana inclusion, all eyes are on the SEC. Will it embrace innovation—or retreat into caution? One thing is certain: the pressure to act is building fast.