An ETF directly linked to Dogecoin (DOGE) has just been launched in the United States. Listed under the ticker DOJE, the ETF is brought to market by REX Shares and Osprey Funds and began trading on Thursday, September 18. A significant milestone for the most famous of memecoins, transitioning officially from a viral joke to an institutionalized asset.
An ETF Designed to Appeal to Traditional Investors
REX and Osprey are no strangers to innovation. After launching the first ETF based on Solana staking in June, the two companies chose to leverage the Investment Company Act of 1940, rather than the 1933 law used by other players like Grayscale or Bitwise. This legal choice allows DOJE to be actively managed and hold Dogecoin directly, as well as shares of other crypto ETFs or derivative products. This flexibility aims to reassure the SEC while opening the door to more dynamic investment strategies.
According to Bloomberg analysts, the expected volume for the first day was estimated at $2.5 million, a figure ‘respectable but lackluster,’ partly due to this more stringent structure and the relatively modest profile of the issuers compared to industry giants. An hour after its launch, DOJE was already approaching $6 million in volume, an ‘incredibly strong’ level.
Dogecoin, from a Meme to Wall Street
For Greg King, CEO of REX Financial, the launch of DOJE and a twin ETF on XRP marks a symbolic advancement:
These funds offer a unique exposure to two of the crypto world’s most iconic names, within a regulated framework.
From the Dogecoin Foundation, the enthusiasm is equally palpable. Its corporate arm, the House of Doge, celebrates ‘a cultural as well as financial victory’ and emphasizes that Dogecoin ‘is not just a meme, but a global currency.’
This sentiment resonates strongly in a market where Dogecoin’s image, often influenced by Elon Musk and his tweets during the last bull market, has always been its most potent weapon. Now, the project has an institutional product to anchor its credibility.
A Strategic Timing with the SEC
This launch comes hours after the SEC approved new listing standards for crypto ETFs. Specifically, the review periods for applications have been reduced from 240 days to just 75, and some requests can now bypass the arduous 19b-4 form process.
For Nasdaq, where DOJE is listed, this development paves the way for a wave of ETFs on other digital assets.
We are committed to supporting this transition by ensuring both innovation and investor protection.
Giang Bui, Vice President of ETPs
And Now?
With DOJE, Dogecoin becomes the first memecoin to break into the US ETF spot market. While commercial success remains to be confirmed, the symbolism is immense: what was once just a joke born on Reddit in 2013 now appears on institutional traders’ screens.
In a market dominated by Bitcoin and Ethereum, the introduction of a Dogecoin ETF could attract a new audience, curious to bet on the sector’s ‘fun’ token, now validated by Wall Street.
