The first ETF giving U.S. investors exposure to DOGE, Rex Shares and Osprey Funds' DOJE ETF, debuted in September, and has generated $17 million in trading volume.
Asset managers both from the crypto and traditional finance worlds have submitted more than 90 applications for funds tracking different altcoins and combinations of tokens, according to Bloomberg data. The odds of approval for these products rose considerably after the SEC eased generic listing standards for commodity-based trusts.
The fund applications also follow the dramatic success of Bitcoin and Ethereum ETFs, which debuted last year and now manage about $150 billion and $20 billion in assets, respectively, and increasing demand for digital asset-focused investment products.
"Bitwise smartly holds the view that investors should have the ability to invest in whatever assets they wish, and it works hard to offer as broad an array of options as it can," financial advisor Ric Edelman, who heads the Digital Assets Council of Financial Advisors, told Decrypt.
He added that he expected altcoin funds to accumulate roughly the same volume of assets relative to Bitcoin ETFs as altcoins themselves have generated relative to the leading cryptocurrency.
Dogecoin was recently trading at close to $0.18 per coin, a more than 13% 24-hour rise, according to crypto markets data provider CoinGecko data. The asset, which is the 10th biggest cryptocurrency with a market capitalization of $25.4 billion, has struggled to beat the all-time high it notched in 2021 of $0.73.
In an email to Decrypt, Bitwise wrote: "The only comment we can make is 'woof, woof.'"
decrypt.co
