Although the Securities and Exchange Commission has intensified scrutiny of crypto-related products in recent years, it has formally extended the decision deadline for Bitwise’s proposed Dogecoin spot ETF to November 12, 2025, after a 180‑day review period and a subsequent 60‑day extension. The agency cited the need for additional time to analyze the application and the substantial volume of public comments, which raised concerns about volatility, liquidity, and potential price manipulation in DOGE markets. This extension follows a pattern of cautious review that regulators applied previously to other spot crypto ETF filings, reflecting heightened attention to market integrity and investor protection. The delay leaves Bitwise and prospective investors waiting while the SEC completes its assessment. DOGE has nonetheless climbed more than 150% year-over-year, underscoring growing retail interest and trading activity.
The SEC pushed Bitwise’s Dogecoin spot ETF decision to Nov. 12, 2025, citing liquidity, custody, and manipulation concerns
The SEC’s dossier emphasizes liquidity metrics and custody issues, noting that Dogecoin’s average daily trading volume near $1 billion remains below Bitcoin’s roughly $1.5 billion, a differential that amplifies scrutiny of market depth and transaction execution risk. Custody and security challenges for spot ETFs are central to the review, because safeguarding underlying digital assets against hacking and loss is a prerequisite for approval under existing regulatory frameworks. Public commenters also highlighted social media-driven price swings that can exacerbate short-term volatility, prompting the commission to weigh surveillance mechanisms and anti-manipulation safeguards more heavily than for more liquid assets.
Market participants observed parallel developments in the ETF landscape that complicate the regulator’s workload, as multiple altcoin and staking-related filings rose in 2025, requiring coordinated examination and precedent-setting decisions. Meanwhile, REX-Osprey’s DOJE ETF launched under the Investment Company Act of 1940 on September 11, 2025, trading on NYSE Arca with at least 80% of assets in Dogecoin and an expense ratio of 1.5%, illustrating alternative routes funds can take and raising questions about uniform application of investor protections. The DOJE debut produced a notable price response and demonstrated retail demand, but it also intensified debate about appropriate regulatory oversight.
The extended review timeline underscores the commission’s emphasis on thorough risk analysis before permitting U.S.-listed Dogecoin investment funds under commodity trust rules, and it signals that potential approvals will hinge on demonstrated liquidity, custody robustness, and effective anti-manipulation measures. Observers also note that the precedent of Bitcoin spot ETFs attracting over 100 billion in inflows could shape expectations for institutional interest in Dogecoin.
