The first exchange-traded fund (ETF) in the United States to offer exposure to dogecoin (DOGE), the REX-Osprey DOGE ETF (ticker: DOJE), may list as early as next week. Previously, the effectiveness amendment submitted by ETF Opportunities Trust specifically set September 9, 2025, as the effective date for single-coin funds like DOJE, which includes DOGE, TRUMP, BTC, XRP, and BONK funds.
The launch of the dogecoin ETF is imminent
The teaser released by REX Shares has further fueled market expectations, stating 'REX-Osprey DOGE ETF is about to launch!' Bloomberg's Eric Balchunas also pointed out that according to the prospectus, REX will issue a dogecoin ETF similar to $SSK next week through the 40 Act, and DOGE is expected to become the first listed fund.
The success of DOJE will depend on its structure. Unlike funds that adopt the 'commodity ETP' approach, DOJE is launched through the ETF Opportunities Trust's 40-Act registration model, which was also successfully applied to the Solana fund (SSK) this summer, rapidly accumulating assets and trading activity within weeks after its listing.
REX-Osprey DOGE ETF's structure and expected impact
REX-Osprey DOGE ETF will hold positions in Dogecoin through derivatives (such as swaps) and its wholly-owned Cayman subsidiary REX-Osprey DOGE (Cayman) investment portfolio SP. The subsidiary's position limit is 25% to ensure RIC tax treatment. The fund's investment objective is to track the performance of Dogecoin.
Similar cases include the SSK fund, which was listed under the 40 Act framework in early July 2025 and achieved a trading volume of $20 million on its first day at the Chicago Board Options Exchange (Cboe), with assets under management exceeding $100 million within a few weeks. This precedent provides prospects for the success of the DOGE ETF.
Potential impact of the DOGE ETF on price
The ETF influences the spot market through the creation and redemption in the primary market. When the fund needs to purchase the underlying asset, the net inflow of funds will drive demand in the spot market. Taking Solana's SSK as an example, the day after SSK launched on July 3, 2025, the spot price of SOL rose by 34%, from about $152 to about $204.
If the DOGE ETF successfully lists and attracts new fund inflows, similar to Solana, DOJE will need to purchase DOGE through the spot market, which may tighten the liquidity in the market. Although DOGE's market capitalization and liquidity are far less than Solana, the market performance of DOGE may significantly enhance with the push from the ETF.
Market response and future outlook
The launch of the DOGE ETF will not only make Dogecoin an asset accessible to more investors but may also increase the visibility of the secondary market, thereby expanding the investor base, especially among those in traditional markets. DOGE's liquidity is weaker than Solana's and is mainly driven by retail investors, so the ETF's momentum may have a more direct impact on DOGE.
As of now, the trading price of DOGE is $0.216. Investors need to pay attention to the market reaction after DOJE is listed, as well as whether the influx of funds can drive up DOGE's price. If the DOGE ETF can continuously attract fund inflows, its potential for price increases is worth noting.
