The first Dogecoin exchange-traded fund could launch in the United States as early as next week, according to Bloomberg analyst Eric Balchunas.
“Looks like Rex is going to launch a Doge ETF via the 40 Act a la $SSK next week based on below tweet combined w how they just filed an effective prospectus,” Balchunas said in an X post on Thursday, pointing to exchange-traded fund (ETF) issuer REX Shares filing a prospectus with the US Securities and Exchange Commission (SEC).
In the prospectus filing, REX warned that “DOGE is a relatively new innovation and is subject to unique and substantial risks. The market for DOGE is subject to rapid price swings, changes and uncertainty.”
Over the past year, Dogecoin (DOGE) has surged 116.67%, according to CoinMarketCap. However, it is down 54% from its 2024 high of $0.4672 in December, trading at $0.2129 at the time of publication.
REX is taking the “regulatory end-around” pathway
Most crypto ETFs require issuers to file Form S-1 and Form 19b-4 with the SEC, while a 40 Act fund follows a different route and is the same approach REX Shares used to launch its Solana staking ETF.
ETF Store president Nate Geraci previously described the 40 Act strategy as “a regulatory end-around.”
ETF Issuers pursuing the traditional route are still awaiting decisions from the SEC. On April 10, 21Shares submitted a filing proposing to launch a Dogecoin ETF, shortly after similar applications from rivals Bitwise and Grayscale.
Meanwhile, REX has also filed for an ETF that tracks OFFICIAL TRUMP (TRUMP) under the 40 Act, which would buy shares in an offshore company that holds the token.
Dogecoin has continued to attract mainstream media attention over the years
Even those who have never invested in crypto are likely familiar with Dogecoin, which has captured mainstream attention for years.
Related: Bitcoin bear market due in October with $50K bottom target: Analysis
Billionaire Elon Musk has long been associated with the coin, even referring to himself as the “Dogefather” and calling the token “a hustle” during a 2021 appearance on Saturday Night Live.
More recently, Musk’s attorney, Alex Spiro, was reported by Fortune to be chairing a new public company seeking to raise $200 million to invest in Dogecoin.
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