Market news indicates that the highly anticipated Dogecoin (DOGE) exchange-traded fund (ETF) is expected to officially debut in the United States as early as next week. Bloomberg ETF analyst Eric Balchunas pointed out in a post on the X platform on Thursday that the ETF issuer REX Shares has submitted a valid prospectus to the U.S. Securities and Exchange Commission (SEC), meaning that its Dogecoin ETF, based on the 1940 Investment Company Act (commonly known as the '40 Act') framework, is one step closer to launch, with a tentative trading code of $SSK.
Relying on the '40 Act' framework to open new paths for the listing of crypto ETFs
The REX Shares dogecoin ETF is based on the '40 Act' framework, which fundamentally differs from the S-1 and 19b-4 filing paths followed by traditional spot crypto ETFs. This structure is seen by the market as a 'regulatory shortcut' (as previously commented by ETF Store President Nate Geraci), as it cleverly avoids the compliance hurdles that spot cryptocurrency funds often face during SEC reviews by utilizing an investment company structure that complies with specific regulatory frameworks, thus significantly shortening the timeline from filing to listing. In fact, REX Shares successfully launched a Solana staking ETF earlier this year using the same strategy, accumulating practical experience for the promotion of this dogecoin ETF.
Dogecoin: The comeback from a joke to a cultural symbol, with market performance and risks coexisting.
As a legendary 'meme coin' in the crypto market, dogecoin was initially created in 2013 by programmers as a joke, but it gradually evolved into a globally influential cultural symbol due to its unique community culture and widespread social media dissemination. Despite significant price volatility, its market performance remains impressive — according to CoinMarketCap data, dogecoin has risen by as much as 116.67% over the past year. However, its price has also shown significant cyclical characteristics, having fallen from a high of $0.4672 in December 2024, and currently stabilizing around $0.2129.
REX Shares has also clearly indicated the investment risks in related documents, emphasizing that dogecoin 'faces unique and significant risks,' including but not limited to rapid and large price fluctuations, changes in market liquidity, adjustments in regulatory policies, and potential shifts in community attention. The long-term heat of dogecoin is inseparable from the attention and support of well-known figures from various sectors, among which Tesla CEO Elon Musk is undoubtedly the most influential 'promoter.' He has not only mentioned dogecoin multiple times on social media but even referred to it as 'the hype' during his participation in the Saturday Night Live show in 2021, sparking market discussions. Recently, reports have emerged that Musk's lawyer, Alex Spiro, is leading a $200 million publicly traded company focusing on dogecoin-related investments, further highlighting the market's continued optimism.
In addition to REX Shares, several other institutions have also entered the dogecoin ETF space. Earlier this year, 21Shares officially submitted a dogecoin ETF proposal, while leading industry players like Bitwise and Grayscale had previously submitted similar applications. Currently, these proposals are all under review by the SEC. If REX Shares' product successfully lists, it will become the first ETF in the U.S. to directly track the price of dogecoin, providing investors with a more convenient exposure channel. The crypto ETF craze is surging, with the SEC facing pressure from 92 pending applications. The advancement of the dogecoin ETF coincides with the explosive growth of the crypto ETF market. According to Bloomberg analyst James Seyffart, the SEC is currently reviewing up to 92 crypto ETF applications simultaneously. The detailed list released on August 28 shows that most applications (especially those related to Solana, XRP, and Litecoin) are expected to reach final review decisions before October.
From the perspective of specific cryptocurrencies, Solana and XRP have performed prominently in the ETF race, with 8 and 7 pending applications respectively, becoming the most sought-after crypto assets by institutions after Bitcoin and Ethereum. This trend reflects the growing market interest in altcoin ETFs. If subsequent approvals are granted in bulk, it is expected to inject new capital into the cryptocurrency market. It is worth noting that the total number of crypto ETF applications has rapidly risen from 72 in April to 92 in August, visually demonstrating the increasing enthusiasm of institutions for investment in the crypto field and the deepening interaction with regulatory bodies.
Data on capital flows also confirms the market's enthusiasm — digital asset investment products saw an influx of $2.48 billion last week, reversing the previous brief outflow. This surge brought the total capital inflow for August to $4.37 billion, with the cumulative inflow from the beginning of 2025 to date reaching $35.5 billion, providing strong support for the continued development of the crypto market.
If the dogecoin ETF is successfully listed, it will not only provide new choices for investors but may also become another symbolic event of cryptocurrency penetrating mainstream financial markets. Its subsequent performance and impact on the entire crypto ETF ecosystem deserve close attention.#etf以太坊
