Key Takeaways
The Rex-Osprey Dogecoin ETF (DOJE) launches Thursday, the first U.S. ETF tied to Dogecoin.
Unlike Bitcoin ETFs under the Securities Act of 1933, DOJE was approved under the Investment Company Act of 1940, requiring diversification via derivatives.
Critics argue the ETF institutionalizes speculation on a memecoin, while supporters say it reflects crypto’s community-driven legitimacy.
The ETF approval comes as more than 90 other crypto ETPs await SEC decisions.
Dogecoin ETF Goes Live
Dogecoin (DOGE, $0.2456) will debut its first U.S. exchange-traded fund (ETF) on Thursday, marking a controversial milestone for the memecoin that began as a joke in 2013.
The Rex-Osprey Dogecoin ETF (DOJE) differs from spot Bitcoin ETFs in structure. While BlackRock’s Bitcoin fund directly holds BTC in Coinbase custody, DOJE uses a Cayman Islands subsidiary and derivatives to gain exposure. This structure complies with the 1940 Act, which limits single-asset concentration and requires diversification.
Adoption or Institutionalized Speculation?
Reactions in the crypto industry are split:
Critics warn the ETF is simply a Wall Street wrapper for speculation, charging fees investors could avoid by buying DOGE directly.
“These ETFs are charging off-the-charts fees when you could simply create a Coinbase account and buy the token,” said Brian Huang, CEO of Glider.
Supporters argue that an ETF adds custody, audits, and disclosure standards, making DOGE more accessible to mainstream investors.
“If DOGE is first, it shows communities can push assets into regulated structures, not just technical roadmaps,” said Maja Vujinovic, CEO of FG Nexus.
Why Dogecoin?
Dogecoin has long stood out in crypto culture:
Originated as a Bitcoin fork, it now ranks as a top-10 cryptocurrency.
Known for its unlimited supply—5 billion DOGE are minted annually.
Fueled by retail enthusiasm and Elon Musk’s 2021 endorsements.
Survived multiple bear markets, unlike many newer memecoins.
This mix of culture, resilience, and community visibility helped push DOGE ahead of technically stronger projects in the ETF race.
Industry Context
As of August, the SEC had 92 pending crypto ETP applications, including memecoins like Pengu (Pudgy Penguins) and major altcoins such as XRP and Solana (SOL).
Rex-Osprey is already preparing additional filings tied to Official Trump (TRUMP), Bonk (BONK), XRP, and Solana, highlighting how meme-driven and mainstream tokens alike are vying for ETF wrappers, according to Cointelegraph.
Market Implications
The Dogecoin ETF blurs the line between culture and capital markets. For some, it represents crypto’s mainstream breakthrough; for others, it underscores how speculation continues to dominate the industry.
As Douglas Colkitt of Fogo put it:
“An ETF wrapper doesn’t change the fundamentals; it just lets Wall Street pump DOGE with a straight face.”
