Bitwise Asset Management has registered a Dogecoin ETF entity in Delaware, a move that could open future exchange-traded funds centered on the industry’s seminal meme coin.

The asset management firm registered "BITWISE DOGECOIN ETF" as a statutory trust on Wednesday through CSC Delaware Trust Company in Wilmington, according to a filing on Wednesday.

A source familiar with the matter has confirmed with Decrypt by phone that Bitwise is working on a Dogecoin ETF, though details on its progress are sparse and confidential for now. 

Observers note that the Delaware registration only represents an initial administrative step toward what could be an ETF launch.

"This is just a registration for a trust. Assuming it’s real [...] it’s still not an official ETF filing with the SEC," Bloomberg Senior Analyst James Seyffart wrote on X.

Seyffart's statements indicate that the Delaware filing is preparatory in nature. Despite its legitimacy, the filing may be misconstrued as an ETF proposal.

A Delaware statutory trust serves as a legal framework that would enable firms such as Bitwise to launch investment products like ETFs.

A registered trust provides a business with tax benefits, establishes clear governance, and separates ...