- REX Shares may launch a Dogecoin ETF next week using the 40 Act structure.
- While Dogecoin is up 116% year-over-year, it remains well below its December 2024 peak.
- The U.S. SEC is currently reviewing 92 crypto ETF filings, with decisions expected by October.
The prospect of a Dogecoin exchange-traded fund (ETF) debuting in the United States as soon as next week gained traction after Bloomberg ETF analyst Eric Balchunas highlighted new regulatory filings.
If confirmed, this would mark the first time the meme-inspired cryptocurrency receives such recognition on U.S. financial markets, representing another milestone in the gradual institutional acceptance of digital assets.
REX Shares may launch the first U.S. Dogecoin ETF next week
According to Balchunas, ETF issuer REX Shares filed an effective registration statement with the U.S. Securities and Exchange Commission (SEC) under the Investment Company Act of 1940, commonly known as the 40 Act.
This alternative structure can offer a faster route to market than the traditional ETF approval process, which typically requires S-1 and 19b-4 filings.
REX used the same approach earlier this year to launch its Solana staking ETF successfully.
Industry observers, including ETF Store CEO Nate Geraci, have described this tactic as a “regulatory end-around.”
REX Shares w/ the regulatory end-around…
Looks like two crypto ETF launches are imminent.
REX-Osprey ETH + Staking ETF and REX-Osprey SOL + Staking ETF.
’40 Act funds taxed as C-Corp (so double taxation).
Both ETFs seek to stake at least 50% of underlying crypto asset. https://t.co/4JyczUeSpG
— Nate Geraci (@NateGeraci) May 30, 2025
While the 40 Act route avoids some of the hurdles facing spot crypto ETFs, it still provides investors with a regulated investment product linked to the price movements of the underlying asset.
REX’s move positions Dogecoin alongside Solana as projects attempting to navigate regulatory bottlenecks that have delayed other crypto ETFs.
In its filing, REX emphasized the risks associated with Dogecoin exposure, noting its volatility and unpredictable market behavior.
The firm acknowledged the token is “subject to unique and substantial risks” and warned that price swings could be rapid and severe.
Despite these cautions, Dogecoin’s cultural appeal and growing popularity continue to attract investor interest.
Over the past year, the price of Dogecoin has risen more than 116%, although it has cooled off from its December 2024 high of $0.4672.
At the time of writing, the token trades near $0.2142, reflecting both its volatility and resilience within the broader crypto market.
Longstanding ties between Elon Musk and Dogecoin—from his “Dogefather” nickname to public jokes about the token—have amplified its presence beyond crypto circles.
Recently, Musk’s attorney Alex Spiro was reportedly linked to efforts to raise $200 million for a Dogecoin-related investment vehicle.
If REX proceeds with the launch, its fund would become the first U.S.-listed ETF to provide direct exposure to Dogecoin.
Such a development would not only boost the memecoin’s legitimacy with institutional investors but also signal broader acceptance of alternative cryptocurrencies beyond Bitcoin (BTC) and Ethereum (ETH).
The U.S. Securities and Exchange Commission is reviewing 92 crypto ETF filings
The potential Dogecoin ETF launch comes as the SEC faces a wave of crypto-related applications.
Bloomberg Intelligence analyst James Seyffart reported the agency is currently reviewing 92 filings, a notable increase from 72 in April.
NEW: Here is a list of all the filings and/or applications I’m tracking for Crypto ETPs here in the US. There are 92 line items in this spreadsheet. You will almost certainly have to squint and zoom to see but best I can do on here pic.twitter.com/lDhRGEQBoW
— James Seyffart (@JSeyff) August 28, 2025
Many of these proposals concern altcoins such as Solana, XRP, and Litecoin, with final rulings expected by October.
The sharp rise in filings highlights growing institutional demand for diversified crypto investment products.
Digital asset funds have already seen strong inflows: last week alone these products attracted $2.48 billion.
In August, total inflows reached $4.37 billion, bringing year-to-date inflows to $35.5 billion. The trend suggests that despite regulatory uncertainty, demand for crypto-linked financial instruments remains robust.
The outcome of these filings could reshape the landscape of crypto investing in the United States.
If approved, a Dogecoin ETF would join an expanding lineup of regulated products, allowing investors to access an asset once dismissed by many as marginal or purely speculative.
At the same time, it would raise fresh questions about risk and market sustainability for meme-driven tokens as more altcoins seek entry into mainstream financial channels.
For now, all eyes are on the SEC and REX. If the filing proceeds without delay, Dogecoin could soon have its first dedicated ETF in U.S. markets—a milestone that would mark its evolution from an internet joke to a legitimate, tradable financial asset.