$BTC For example, Bitwise has proposed an ETF that would track Dogecoin. The crypto asset is a quintessential meme coin, a type of token with no intrinsic value that rises and falls in price under the volatile spotlight of social media.

The SEC has also received applications for ETFs that track coins like XRP, Litecoin, and Solana, tokens that claim to be based on some sort of asset.

US ETFs that invest directly in Bitcoin were launched in early 2024 and have proven to be hugely successful, given the largest cryptocurrency’s — if controversial — role as a modern-day store of value.

A group of 12 products, including those from Bitwise, have amassed more than $121 billion in total assets. Ether funds have followed suit, with more than $11 billion under management.