On November 24, 2025, Bitwise Asset Management officially launched its Dogecoin spot ETF, becoming the second well-known institution after Grayscale to enter the meme coin ETF sector. Previously, Grayscale had converted its Dogecoin and XRP trust funds into spot ETFs, trading on the NYSE under the symbols GDOG and GRXP, respectively. Bloomberg Intelligence analyst Eric Balchunas predicts that by May 2026, the U.S. market will see over 100 crypto ETFs. This wave of concentrated altcoin ETF listings marks the acceleration of cryptocurrencies transitioning from fringe assets to mainstream financial instruments.

According to Bloomberg, Special Purpose Acquisition Companies (SPACs) are making a strong comeback in 2025, raising $23.3 billion in the first 10 months, surpassing the total of the past two years. Among these, Digital Asset Treasury (DAT) and quantum computing have become the hottest merger and acquisition targets. However, data shows that all 9 SPACs involved in DAT transactions have fallen back from their initial gains, with declines ranging from 1.1% to nearly 70% as of November 12. Peter Atwater, founder of Financial Insights, warns that this "nested" financial engineering combining SPACs and DAT bears a striking resemblance to collateralized debt obligations (CDOs) from the 2008 financial crisis and could leave retail investors as the ultimate risk bearers.