DOGE ETF Set to Launch: First U.S. Fund Holding “Useless Assets”

On Thursday, U.S. markets will welcome a historic debut: the first-ever Dogecoin-based exchange-traded fund (ETF). Officially called the Rex-Osprey Doge ETF with ticker DOJE, the product has been described by Bloomberg analyst Eric Balchunas as the first American ETF to hold an asset “that is deliberately useless.” Balchunas announced the launch on X, highlighting that the event marks a new era of memecoin products on Wall Street.

An ETF Under the 1940 Act The fund will be launched under the Investment Company Act of 1940, a different regulatory path compared to most crypto products that fall under the Securities Act of 1933. According to investment professional Ganesh Mahidhar of Further Ventures, this framework imposes stricter rules on diversification and governance. “ETFs launched under the 1940 Act provide greater investor protection and clearer obligations,” he explained. This makes them more comparable to equity or bond ETFs rather than commodity-style products like BTC ETFs.

What Sets Dogecoin Apart From Other Memecoins? Mahidhar also noted that Dogecoin has one structural advantage over other memecoins: it operates on a Proof of Work consensus, just like Bitcoin. “That gives DOGE a fundamental baseline, unlike Shiba Inu or Pepe, which run on Proof of Stake,” he said. While projects like SHIB or PEPE are exploring use cases in gaming and gambling via app-chains and Layer-2s, Dogecoin retains a unique position thanks to its mining mechanism and vast community.

The Future of Memecoin ETFs The bigger question is whether DOGE’s approval will open the door for other memecoin ETFs. Currently, more than 90 crypto ETF applications are awaiting SEC decisions, including those tied to Solana and XRP. Rex Shares has also filed for several additional products, including Trump and BONK ETFs, shortly after former SEC Chair Gary Gensler stepped down. Mahidhar believes ETFs will gradually become a universal wrapper for digital assets. “Markets are shifting from cash flow concepts toward liquidity-driven value, and ETFs are the perfect vehicle for that,” he said.

DOGE Price Keeps Climbing Despite criticism that it is an “asset without utility,” Dogecoin continues to perform strongly. According to CoinGecko, DOGE is trading at around $0.24, up 1.4% in the last 24 hours and 11.7% over the past week. This launch demonstrates that even a memecoin can evolve into a serious financial product — especially when backed by an ETF. 🚀🐕

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