Bloomberg ETF analyst Eric Balchunas has announced: The first Dogecoin ETF is expected to be listed in the U.S. as early as next week! REX Shares has made a big move, directly bypassing SEC regulations using the Investment Company Act of 1940 to turn this meme coin, which has transformed from an internet meme to a cultural symbol, into an ETF product.
It should be noted that DOGE has skyrocketed by 116% in the past year, and even Musk is still crazily promoting it. Currently, there are 92 cryptocurrency ETF applications piled up waiting for SEC approval!
Balchunas revealed on platform X that REX Shares has submitted a valid prospectus to the SEC, preparing to forcefully push the Dogecoin ETF through the '40 Act' route.
This tactic was played by them earlier this year—at that time, they used the same method to create a Solana staking ETF. Nate Geraci, president of the ETF Store, directly commented that this is a "regulatory killer" operation, perfectly avoiding the S-1 and 19b-4 form processes that traditional spot crypto ETFs must go through, saving countless delays.
However, REX also admitted in the documents: Dogecoin is as volatile as a roller coaster, and its price can crash at any moment, creating significant market uncertainty. Just look at the data: DOGE plummeted from a high of $0.4672 in December 2024 to the current $0.2129, more than halving its value. But even so, it has still risen 116.67% this year, a maddening trend that has left countless investors both loving and hating it.
REX is not the only one eyeing Dogecoin. Major institutions like 21Shares, Bitwise, and Grayscale had submitted applications earlier, and they are all waiting for the SEC's decision. Even more astonishing, REX has simultaneously applied for an ETF linked to the TRUMP token, intending to invest indirectly by holding shares in offshore entities—this operation truly shows a clear understanding of regulatory rules.
Speaking of Dogecoin's cultural influence, it's truly one of a kind in the crypto space. In 2021, Musk referred to it as "hustle" (scam) on (Saturday Night Live), only to turn around and have Tesla buy in heavily. Recently, there have been reports that Musk's lawyer, Alex Spiro, is leading a $200 million public company specifically to invest in Dogecoin.
With this move, do you think it's genuine optimism or something else?
The SEC is currently under immense pressure; the list published on August 28 alone includes 92 crypto ETF applications waiting for approval, with Solana and XRP being the hottest, having 8 and 7 pending applications, respectively. From April to August, the number of applications skyrocketed from 72 to 92, indicating a significant acceleration in institutional capital entering the market.
Data doesn't lie: last week, digital asset investment products experienced a brief outflow of funds, only to immediately attract $2.48 billion back. In August alone, inflows reached $4.37 billion, with a total of $35.5 billion accumulated this year. In this wave of capital, Bitcoin and Ethereum ETFs are certainly the largest share, but the rise of Solana, XRP, and other altcoin ETFs is even more vigorous.
Watching this wave of ETF frenzy, Brother Chuan feels a sense of unease. On one hand, the 40 Act path indeed opens the green light for innovative products, making it easier for ordinary investors to access crypto assets; but on the other hand, is it really appropriate to create an ETF for a purely meme-driven currency like Dogecoin, especially with a politically charged asset like the TRUMP token?
The SEC is now like walking a tightrope: approving too quickly risks a repeat of the 2021 crypto crash, while being too restrictive risks capital flowing to crypto-friendly regions like Singapore and Switzerland.
The funniest part is that while Musk and others create hype and pump prices on Twitter, they are simultaneously letting financial institutions package risks into ETFs to sell to retail investors—doesn't that just turn speculative tools into legitimate financial products?
However, looking back, Bitcoin ETFs also launched amid tremendous controversy, and now they have become a staple for institutions. Perhaps we should think from a different angle: if meme coins can also become ETFs, does that mean the crypto market has truly matured? Or is this merely the prelude to a new round of exploiting retail investors? What does everyone think?
Leave a message, like, for the latest and best market news every day, to keep you on the right track to making money!
#加密市场回调
