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Dogecoin ETF Arrives as SEC Reviews Solana, XRP, and Other Altcoin Funds
Dogecoin ETF – The world of meme coins is about to take a historic step into traditional finance as the first Dogecoin exchange-traded fund (ETF) prepares to debut in U.S. markets this Thursday. Bloomberg’s Eric Balchunas flagged the launch of the Rex-Osprey Doge ETF (ticker: DOJE), calling it a first-of-its-kind product.
A Unique ETF Under the 1940 Act
Balchunas noted on X that DOJE may be the “first-ever U.S. ETF to hold something that has no utility on purpose.” Unlike Bitcoin ETFs, which operate as commodity-style grantor trusts under the Securities Act of 1933, the Dogecoin ETF will instead be listed under the Investment Company Act of 1940.
This framework, previously used by REX-Osprey for its SOL + Staking ETF (SSK), imposes stricter diversification and governance requirements. According to Ganesh Mahidhar of Further Ventures, the 1940 Act “provides more investor protection” and aligns the product closer to stock and bond ETFs than commodity-based funds.
Meme Coin Classification Sparks Debate
Still, the launch raises questions about how regulators will treat other meme coins. Mahidhar highlighted that Dogecoin uses proof-of-work consensus, similar to Bitcoin, giving it a baseline tied to energy consumption. This, he argued, distinguishes it from Shiba Inu and Pepe, which operate on proof-of-stake and lack the same foundation.
While institutional portfolios are unlikely to rush into DOGE ETFs, Mahidhar suggested that significant growth in market capitalization could eventually draw attention. “What matters more is their price action and volatility, and eventual utility if such does happen,” he said.
A Crowded SEC Crypto ETF Pipeline
The Dogecoin ETF launch comes as the SEC reviews over 90 crypto ETF applications, including pending proposals for Solana (SOL) and XRP with October deadlines. REX Shares, the firm behind DOJE, has also filed for multiple crypto ETFs this year, including products tied to Trump, BONK, and additional Dogecoin offerings.
As of today, Dogecoin (DOGE) trades around $0.24, up 1.4% on the day and 11.7% on the week, according to CoinGecko.
