Bloomberg Analyst Considers Potential for Dogecoin ETF

The U.S. Securities and Exchange Commission (SEC) may soon receive applications for an exchange-traded fund (ETF) based on the price of the meme cryptocurrency Dogecoin. This perspective was shared by Bloomberg analyst Eric Balchunas in a comment to The Block.

“Today’s satire is tomorrow’s ETF. […] Ask yourself, is a DOGE[-ETF] too ambitious? We’ll see. I think someone will try [to implement] it, because why not?” he said.

According to crypto analyst Luis Sykes of All-Star Charts, a DOGE-ETF is “far less likely” than a Solana-ETF. The latter, the expert believes, will be approved by the SEC in the first half of 2025.

“Let’s just say, Wall Street prefers assets that weren’t born as a meme,” he explained.

CEO of Two Prime Digital Assets Alexander Blum is confident that applications for a Dogecoin-ETF will “definitely be submitted.” The only question is whether the SEC will approve them.

At the time of writing, the meme cryptocurrency ranks seventh among digital assets on CoinGecko with a market capitalization of $62.6 billion. DOGE is trading at $0.42, with an all-time high of $0.73 in May 2021.

In November, it was announced that Elon Musk would head the new Department of Government Efficiency (DOGE) under the U.S. government.

The billionaire has repeatedly boosted Dogecoin and called the meme coin his “favorite cryptocurrency.”