Bloomberg ETF analyst Eric Balchunas has announced: The first Dogecoin ETF is expected to be listed in the United States as early as next week! REX Shares has made a big move by circumventing SEC regulation with the Investment Company Act of 1940, aiming to turn this meme coin, which has evolved from an internet joke into a cultural symbol, into an ETF product.
It's worth noting that DOGE has skyrocketed by 116% over the past year, and even Musk is still fervently supporting it. Currently, there are 92 cryptocurrency ETF applications awaiting approval in front of the SEC!
Balchunas revealed on platform X that REX Shares has submitted a valid prospectus to the SEC and is preparing to forcefully push the Dogecoin ETF using the '40 Act' route.
This tactic was played by them earlier this year - at that time, they used the same method to create the 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 frankly admitted in the document: Dogecoin's volatility is comparable to riding a roller coaster, and its price can collapse at any moment, with significant market uncertainty. Just look at the data: DOGE dropped from a high of $0.4672 in December 2024 to the current $0.2129, more than a halving. 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 submitted applications earlier and are now 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 of offshore entities, truly understanding how to navigate regulatory rules.
Speaking of Dogecoin's cultural influence, it is truly unique in the crypto circle. In 2021, Musk called it a "hustle" (scam) on Saturday Night Live, only to turn around and madly buy it with Tesla. 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 ulterior motives?
The SEC is under immense pressure right now; the list released on August 28 alone contains 92 crypto ETF applications waiting for approval, with Solana and XRP being the most sought after, having 8 and 7 pending respectively. From April to August, the number of applications skyrocketed from 72 to 92, showing a clear acceleration in institutional funding.
Data doesn't lie: last week, digital asset investment products just experienced a brief outflow of funds, only to attract $2.48 billion back immediately. In August alone, $4.37 billion flowed in, bringing this year's total to $35.5 billion. In this wave of funds, Bitcoin and Ethereum ETFs are certainly the largest, but the rise of Solana and XRP ETFs is even more vigorous.
Watching this ETF frenzy, Brother Chuan feels anxious. On one hand, the 40 Act path has indeed opened 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 Dogecoin, which is purely meme-driven, along with the politically charged TRUMP token?
The SEC is now like walking on a tightrope: approving too quickly risks a repeat of the 2021 crypto crash, while being too stringent risks funds flowing to crypto-friendly regions like Singapore and Switzerland.
The funniest part is that while Musk and others are creating hot topics on Twitter to pump prices, they are also having financial institutions package the risks into ETFs to sell to retail investors - isn't this just packaging speculative tools as formal financial products?
However, looking back, Bitcoin ETFs also went public amid huge controversy, and now they have become standard for institutions, right? Perhaps we should consider a different perspective: if meme coins can be made into ETFs, does it indicate that the crypto market has truly matured? Or is this just the prelude to a new round of harvesting retail investors? What do you all think?
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