- REX Shares may launch a Dogecoin ETF using the 1940 Act as soon as next week.
- Although Dogecoin gained 116% over the past year, it remains well below its December 2024 peak.
- The U.S. SEC is 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 ETF recognition on U.S. markets, signaling another step 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 prospectus with the U.S. Securities and Exchange Commission (SEC) under the Investment Company Act of 1940, commonly referred to as the “40 Act.”
This alternative structure can provide a faster route to market compared with the traditional ETF approval process that typically requires S-1 and 19b-4 filings.
REX used the same approach earlier this year to deploy its Solana staking ETF, demonstrating that the 40 Act path can be an effective regulatory workaround for crypto products.
Industry observers, including ETF Store president Nate Geraci, described the strategy 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.
While this route avoids some obstacles faced by spot crypto ETFs, it still offers investors a regulated investment product tied to the price movements of the underlying asset.
REX’s filing places Dogecoin alongside Solana as an asset that could break regulatory bottlenecks that have delayed other crypto ETF launches.
In its disclosure, REX highlighted the risks associated with Dogecoin exposure, acknowledging the token’s volatility and unpredictable market behavior.
The company warned that the token is “subject to unique and substantial risks,” with price swings that can be rapid and severe.
Despite these cautions, Dogecoin’s cultural appeal and growing popularity continue to draw investor interest.
Over the past year, Dogecoin’s price rose more than 116%, though it has cooled from its December 2024 peak of $0.4672.
At the time of writing, the token trades near $0.2142, reflecting both its volatility and resilience within the broader cryptocurrency market.
Elon Musk’s long-standing association with Dogecoin — from adopting the “Dogefather” persona to public jokes about the token — has amplified its visibility beyond crypto circles.
More recently, Musk’s attorney Alex Spiro has been linked to efforts to raise $200 million for a company focused on Dogecoin-related investments.
If REX proceeds with the launch, its fund would become the first U.S.-listed ETF to offer direct exposure to Dogecoin,
which would not only bolster the memecoin’s legitimacy among institutional investors but also signal wider acceptance of alternative cryptocurrencies beyond Bitcoin (BTC) and Ethereum (ETH).
The U.S. SEC is reviewing 92 crypto ETF filings
The potential Dogecoin ETF comes as the SEC faces a surge of crypto-related ETF filings.
Bloomberg Intelligence analyst James Seyffart reported that the agency is currently reviewing 92 filings, up significantly 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.
Many of these proposals involve altcoins such as Solana, XRP and Litecoin, with final decisions expected by October.
The rising number of filings underscores growing institutional appetite for diversified crypto investment products.
Digital asset funds have already seen a strong rebound, with $2.48 billion invested in these products just last week.
Total inflows in August reached $4.37 billion, bringing year-to-date flows to $35.5 billion. This momentum suggests that despite regulatory uncertainty, demand for crypto-linked financial instruments remains strong.
The outcome of these filings could reshape the U.S. cryptocurrency investment landscape.
If approved, a Dogecoin ETF would join a growing lineup of regulated products, enabling investors to access assets once considered marginal or purely speculative.
At the same time, such a move would raise new questions about the risks and sustainability of meme-driven markets, especially as more altcoins attempt to enter mainstream financial channels.
For now, attention is focused on the SEC and REX’s next moves. If the filing proceeds without delay, Dogecoin could soon have its first dedicated ETF listed in the U.S., a notable milestone that would further cement its transition from internet joke to tradable financial asset.