In a move few saw coming, the REX-Osprey DOGE ETF (ticker: DOJE) is poised to enter U.S. markets this Thursday, September 11, 2025. Bloomberg ETF analyst Eric Balchunas confirmed the debut via social media, calling it the dawn of the “memecoin ETF era.
Why does it matter? This ETF would be the first U.S. fund tied to a purely memecoin—a digital asset built for fun, not utility. “Pretty sure this is the first-ever US ETF to hold something that has no utility on purpose,” Balchunas quipped.
Unlike traditional crypto ETF filings under the Securities Act of 1933 (S-1 and 19b-4), REX-Osprey opted for a “40 Act” route under the Investment Company Act of 1940. That allows a much quicker path to approval. Similar structure worked well for their Solana Staking Fund (SSK).
What the Prospectus Says?
A recent filing reveals the fund will gain exposure through a Cayman Islands subsidiary using derivatives—futures and swaps—rather than holding Dogecoin outright. This approach helps satisfy regulatory structure but invites double-taxation concerns inherent to C-corp structures.
The filing also warns of “unique and substantial risks,” cautioning investors about DOGE’s volatility and market unpredictability.
Expectations of this launch drove Dogecoin up sharply. Reports show an 8–17% price surge over the past week, reaching about $0.24–$0.245.
The move reflects institutional appetite and speculative energy channeled through familiar, regulated instruments.
Broader Trends & Context
The REX-Osprey ETF is accelerating ahead of 90+ other crypto ETF applications still pending via the 1933 Act route.
Meanwhile, the SEC continues to review an expanding pipeline of crypto products—from spot ETFs for Dogecoin to Solana staking instruments.
The broader crypto-ETF rollouts for Bitcoin and Ethereum last year proved immensely popular, drawing tens of billions. Now, meme culture looks ready to join that fold.
Why It’s Not Just Another Crypto ETF
- Tax Complexity — C-corp structure raises questions around efficiency and investor returns.
- Cultural Shift — Memecoins on the regulatory stage blur lines between finance and internet culture.
- Regulatory Ingenuity — Using the 40 Act fast-track shows creative regulatory navigation.
- Market Experiment — This fund will be watched as a gauge for both investor appetite and SEC tolerance.
What to Watch Next
- Launch Day Volatility: Thursday’s trading may be wild as speculators and institutions react.
- Inflow Patterns: Will traditional funds or retail investors drive liquidity?
- Competitive Moves: Spot Dogecoin ETFs remain in the queue—DOJE’s success could catalyze approvals.
- SEC’s Tone: Regulatory reactions will signal future paths for memecoin-centered products.
Quick Facts
| Item | Detail |
|---|---|
| ETF | REX-Osprey DOGE ETF (DOJE) |
| Launch Date | Thursday, September 11, 2025 |
| Structure | 1940 Act via Cayman subsidiary; derivatives-based |
| Investor Risks | High volatility, double taxation, derivative exposure |
| Market Cap of DOGE | ~$36 billion |
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