Bitwise Moves, Starts 20 Day Clock For Possible Spot Dogecoin ETF

Bitwise Asset Management filed an update on November 25 to its S 1 registration for a proposed spot Dogecoin exchange traded fund reported to trade under the ticker BWOW, removing a delaying amendment under Section 8(a) of the Securities Act. That removal initiated an automatic 20 calendar day countdown which, absent SEC action, could allow the registration to become effective around Nov. 26, 2025 according to filings and commentary from ETF analysts and market trackers.

The move is largely procedural but consequential. By withdrawing the Section 8(a) amendment, Bitwise shifted the burden to the Securities and Exchange Commission to act within the statutory window if regulators wish to prevent automatic effectiveness. The regulator retains options to suspend or otherwise delay effectiveness, or to seek additional information from the issuer, and analysts said market participants will be watching for any such intervention during the countdown.

The filing arrives amid a string of recent launches of spot crypto ETFs and renewed market interest in token based investment products. Market commentators compared the Bitwise filing to earlier approvals and debuts, noting in particular Grayscale Investments' GDOG product which attracted attention for its early trading activity and performance metrics. The broader context is a competitive push by asset managers to secure shelf space for retail and institutional investors seeking regulated, exchange traded exposure to cryptocurrencies.

If the fund is allowed to become effective, it would provide a new avenue for investors to gain exposure to Dogecoin within the familiar ETF wrapper, potentially expanding liquidity and formal market access for a token that has often traded primarily on unregulated venues. That potential carries both opportunities and risks. Easier access through an ETF could lower barriers for inclusion in retirement accounts and mainstream brokerage platforms, while also increasing the importance of investor protections, clear disclosure, and education for those who may be less prepared for rapid price swings.

Policy and equity questions accompany the commercial dynamics. Regulators face the challenge of balancing market access and innovation with investor protection and market integrity. Community advocates and consumer protection observers have highlighted that retail adoption of complex products can disproportionately affect households with limited financial resources or lower levels of financial literacy, underscoring the need for robust safeguards and transparent fee structures.

For market participants, the immediate takeaway is simple. The procedural change set a clock that will expire unless the SEC intervenes. Analysts and traders are likely to monitor filings and any agency correspondence closely over the coming weeks. For policymakers, the situation underscores the pace of asset management moves into crypto markets and the continuing tension between regulatory timelines, market demand, and broader social implications of mainstreaming volatile digital assets.