Crypto asset manager Bitwise has applied to launch a Dogecoin exchange-traded fund amid further signs U.S. policymakers are warming to crypto.

The application, filed with federal regulators on Tuesday, marks the issuer’s latest step toward rolling out a Dogecoin ETF, which it laid the legal groundwork for last week. 

The fund, if approved, would expose investors to the price movements of the eighth-largest crypto by market capitalization.

Dogecoin is trading at $0.32 at writing time, CoinGecko data shows. The asset touched a three-year-high price of $0.475 last November—roughly around the time Elon Musk ramped up his tweeting about launching his eponymous extra-governmental agency, D.O.G.E.

Exchange-traded funds are investment vehicles that enable investors to gain exposure to assets without directly investing in them. 

Federal regulators in the U.S. approved Bitcoin and Ethereum-based ETFs

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Author: Liz Napolitano