- REX Shares could launch a Dogecoin ETF under the 1940 Act as soon as next week.
- Despite Dogecoin rising 116% over the past year, it remains well below its December 2024 peak.
- The U.S. Securities and Exchange Commission (SEC) is reviewing 92 crypto ETF applications, with decisions expected by October.
The chances that a U.S.-listed exchange-traded fund (ETF) for Dogecoin could debut as soon as next week have increased after Bloomberg ETF analyst Eric Balchunas pointed to new regulatory filings.
If confirmed, this would mark the first time the meme-inspired cryptocurrency receives this level of formal recognition on U.S. financial markets, signaling 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 has filed an effective prospectus with the U.S. Securities and Exchange Commission under the Investment Company Act of 1940, commonly known as the 1940 Act.
This alternative structure provides a faster route to market compared with the conventional ETF approval process, which typically requires S-1 and Form 19b-4 filings.
REX used the same approach earlier this year to bring a Solana staking ETF to market.
Industry observers, including Nate Geraci, president of ETF Store, have described the 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 this route avoids some of the hurdles facing spot crypto ETFs, it still offers investors a regulated investment vehicle that tracks the price movements of the underlying asset.
REX’s move places Dogecoin alongside Solana in overcoming regulatory bottlenecks that have delayed other crypto ETFs.
In its filing, REX cautioned investors about the risks of holding Dogecoin, acknowledging the token’s volatility and the unpredictability of its market behavior.
The company noted that the token is subject to “unique and significant risks,” with price swings that can be rapid and severe.
Despite these warnings, Dogecoin’s cultural appeal and growing popularity continue to attract investor interest.
Over the past year, the price of Dogecoin has risen by more than 116%, although it has cooled off from its December 2024 high of $0.4672.
As of this article’s publication, the token trades near $0.2142, reflecting both its volatility and resilience within the broader crypto market.
Elon Musk’s long-standing association with Dogecoin—from the nickname “Dogefather” to public jokes about the token—has amplified its profile beyond crypto-native communities.
More recently, Musk’s attorney Alex Spiro has been linked to efforts to raise $200 million for a firm focused on Dogecoin-related investments.
If REX proceeds with the fund, it would be the first U.S.-listed ETF to offer direct exposure to Dogecoin.
That outcome would not only bolster the meme coin’s legitimacy in the eyes of institutional investors but also signal broader acceptance of alternative cryptocurrencies beyond Bitcoin (BTC) and Ethereum (ETH).
The SEC is currently reviewing 92 crypto ETF applications
The potential launch of a Dogecoin ETF arrives amid a surge of crypto-related filings at the SEC.
Bloomberg Intelligence analyst James Seyffart reported that the agency is now evaluating 92 filings, up 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 the proposals concern altcoins such as Solana, XRP and Litecoin, with final decisions expected by October.
This increase in filings highlights rising institutional demand for diversified crypto investment products.
Digital asset funds have already seen a notable recovery, with $2.48 billion flowing into these products just last week.
In August, total inflows reached $4.37 billion, bringing year-to-date inflows to $35.5 billion. The momentum suggests that demand for crypto-linked financial instruments remains strong despite regulatory uncertainty.
The outcome of these filings could reshape the crypto investment landscape in the United States.
Approval of a Dogecoin ETF would expand the range of regulated products available and allow investors to gain exposure to assets once dismissed as fringe or purely speculative.
At the same time, such a move would raise fresh questions about the risks and sustainability of meme-driven markets as more altcoins seek access to mainstream financial channels.
For now, attention is squarely on the SEC and REX Shares. If the filing proceeds without delay, Dogecoin could soon have its first dedicated ETF on U.S. markets—a milestone that would further solidify its evolution from an internet meme to a tradable financial asset.