The Dogcon Exchange-Trade Fund of Bitwaiz Asset Management has taken a step near the launch, in which NYSE ArcA has filed a 19B-4 proposal to list and trade its shares.
According to March 3 AdmissionThe proposed rules change will allow the exchange to offer bitwaiz Dogin ETF, which will give investors a direct exposure to the popular memecoin on the a subsidiary of the New York Stock Exchange.
The ETF has been structured as a Delaware statutory trust and will be managed under a trust agreement, with a bitwaiz acting as a sponsor.
The goal of the fund is to track the value of dogcoin covering its operating costs, with a net asset value calculation associated with the pricing benchmark with CF Benchmark Limited, instead of using derivatives, the ETF will grab the dogcoin directly, which will only have minimum cash stores for operational purposes.
Any fee including the management fee of bitwaiz will be paid in dogcoin. While the ETF strictly focuses on dogcoin, any unexpected receipt of other digital assets – such as forks or aircraft – has been discontinued under its trust agreement.
The fund will use cash works and redemption, which means that investors will not be able to contribute or withdraw the dogcoin directly.
The coinbase is named as Dogcoin Custodians of Fund, while Banks of New York Melon will handle cash detention, administration and transfer agency functions.
Bitwaiz filed for registration of Bitwaiz Dogcoin ETF in late January and chased with S -1 registration with SEC on 28 January.
Bitwaiz is not just a firm to monitor a dogcoin ETF. Rex’s shares and Ospre Funds have also presented the filing for similar products with Grancale. The Commission accepted the application of GRCCECC on 13 February.
As reported earlier by Crypto.news, Bitwaiz also presented his S-1 for APTOS ETF on 27 February, which entered the state’s Delaware Department. If approved, the issuer APT-based ETF may be the first firm in the US to launch.
