NYSE & Nasdaq Battle for Crypto ETFs – Are Dogecoin (DOGE) and Hedera (HBAR) Next in Line?

Jakarta, Pintu News – In the latest development in the cryptocurrency world, two of the United States’ leading stock exchanges, NYSE Arca and Nasdaq, have submitted proposals to launch an Exchange-Traded Fund (ETF) focused on popular crypto assets, Dogecoin DOGE->Current DOGE PriceRp 0Market CapRp 0Trading VolumeRp 0Circulating SupplyRp 0 and Hedera (HBAR).

This move marks a significant effort to bring digital assets closer to traditional and institutional investors.

NYSE Arca Files Rule Change for Bitwise Dogecoin ETF

On March 3, 2025, NYSE Arca, a subsidiary of the New York Stock Exchange, filed a rule change via form 19b-4 with the Securities and Exchange Commission (SEC) to allow the listing and trading of Bitwise Dogecoin ETF shares.

Read also: US Crypto Reserve Expansion? LINK, ONDO, and LTC Could Be Next!

The ETF is designed to provide direct exposure to Dogecoin (DOGE), a cryptocurrency that was originally created as a joke but has gained widespread popularity.

Under the proposal, Coinbase will act as custodian for Dogecoin, while Bank of New York Mellon will handle the cash custody, administration and transfer agent functions.

Furthermore, this ETF uses a cash creation and redemption mechanism, which means investors cannot deposit or receive Dogecoin directly. Bitwise had previously filed an S-1 form for this product with the SEC in late January.

Nasdaq Files 19b-4 for Hedera Grayscale Spot ETF

Not to be left behind, Nasdaq also filed a form 19b-4 with the SEC on March 3, 2025 for the listing and trading of Grayscale Hedera Trust shares. This ETF will track the price of HBAR, the native token of the Hedera network.

Hedera operates as a decentralized public network that uses the Hashgraph consensus algorithm, which enables secure and energy-efficient transactions. Hedera’s governing board includes major companies such as Google and IBM.

The filing follows a similar move by Nasdaq for Canary Capital’s Hedera product in late February. Bloomberg senior ETF analyst Eric Balchunas notes that the Hedera and Litecoin LTC->Current LTC PriceRp 0Market CapRp 0Trading VolumeRp 0Circulating SupplyRp 0 ETFs have the highest chance of approval among other altcoin ETF applications.

Since the re-election of Donald Trump, crypto ETF applications have increased, with issuers in the US submitting spot ETF proposals for Solana SOL->Current SOL PriceRp 0Market CapRp 0Trading VolumeRp 0Circulating SupplyRp 0, XRP XRP->Current XRP PriceRp 0Market CapRp 0Trading VolumeRp 0Circulating SupplyRp 0, Cardano ADA->Current ADA PriceRp 0Market CapRp 0Trading VolumeRp 0Circulating SupplyRp 0, Litecoin (LTC), and Dogecoin (DOGE).

Read also: Pi Network Adoption Surges Across Asia—Can It Overcome Regulatory Roadblocks?

Optimism and Challenges in the Cryptocurrency ETF Market

Optimism towards crypto ETF approval is growing. Prediction platform Polymarket shows a 67% chance of approval, up from 55% the day before.

Bloomberg analysts even predict a 75% chance of approval by 2025. Nonetheless, approval is not guaranteed, and crypto market volatility remains a major concern for regulators and investors.

Dogecoin’s price did not show any significant reaction to the ETF filing and instead declined by more than 15% on March 4, 2025, falling to $0.19 (IDR3,122) in a broader crypto market decline. This decline erased all gains from Donald Trump’s announcement of a US crypto reserve on March 2.

Implications for Investors and the Cryptocurrency Industry

If approved, this ETF will be one of the first memecoin ETFs listed in the US, providing institutional and retail investors with regulated access to Dogecoin. The move could pave the way for other crypto investment products and demonstrate wider acceptance of digital assets in traditional financial markets.

Read also: Bitcoin Investments Surge as Metaplanet Inc. Expands BTC Holdings by $13.4 Million!

However, investors should remain cautious given the inherent high volatility of the crypto market. While ETFs may offer a safer and regulated way to invest in digital assets, the risks associated with sharp price fluctuations remain.

It is important for investors to conduct in-depth research and consider their risk tolerance before investing in crypto ETF products.

Overall, the move by NYSE Arca and Nasdaq to propose Dogecoin and Hedera-based ETFs reflects the growing trend of integrating cryptoassets into mainstream investment products.

These developments could drive wider adoption and legitimacy for cryptocurrencies, while providing more options for investors looking to diversify their portfolios with digital assets.

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.

Reference:

• BeInCrypto. Bitwise Dogecoin ETF NYSE Filing. Accessed on March 5, 2025
• Cointelegraph. NYSE Arca Proposes Rule Change to List Bitwise Dogecoin ETF. Accessed on March 5, 2025
• TheNewsCrypto. Nasdaq Files 19b-4 for Grayscale’s Spot Hedera ETF. Accessed on March 5, 2025