First Dogecoin ETF May Debut in the US Next Week: Bloomberg Analyst

A Dogecoin exchange-traded fund (ETF) could be hitting US markets as soon as next week, according to Bloomberg ETF analyst Eric Balchunas.

In a Thursday post on X, Balchunas pointed to ETF issuer REX Shares filing an effective prospectus with the US Securities and Exchange Commission (SEC), signaling the potential launch of a Dogecoin ETF under the Investment Company Act of 1940, commonly referred to as the “40 Act.”

“Looks like Rex is going to launch a Doge ETF via the 40 Act a la $SSK next week,” Balchunas wrote. The same structure was previously used by REX to roll out a Solana staking ETF earlier this year.

40 Act ETFs Bypass Regulatory Roadblocks Facing Spot Crypto Funds

Unlike spot crypto ETFs filed under Form S-1 and 19b-4, a 40 Act ETF takes an alternative route to market and avoids some of the delays facing traditional crypto funds.

ETF Store President Nate Geraci has previously called this approach a “regulatory end-around.”

In its filing, REX acknowledged the volatile nature of Dogecoin, warning investors that DOGE is “subject to unique and substantial risks,” including rapid price changes and market uncertainty.

Dogecoin has climbed 116.67% over the past year, according to CoinMarketCap. However, the token has cooled from its December 2024 high of $0.4672, now trading near $0.2129.

REX isn’t the only player eyeing Dogecoin exposure. Earlier this year, 21Shares submitted a formal proposal for a Dogecoin ETF, following similar filings from Bitwise and Grayscale, all still awaiting SEC decisions.

In addition to Dogecoin, REX has filed for an ETF linked to the TRUMP token, aiming to offer exposure by holding shares in an offshore entity that owns the asset.

Dogecoin continues to enjoy cultural relevance far beyond crypto circles.

Its long-time supporter, Elon Musk, famously referred to it as “a hustle” during a 2021 Saturday Night Live appearance.

More recently, Musk’s lawyer Alex Spiro was reported to be heading a $200 million public company focused on Dogecoin investments.

If approved, REX’s fund would be the first US-listed ETF offering direct exposure to the meme coin that started as a joke and became a cultural icon.

SEC is Reviewing 92 Crypto ETF Applications

As reported, the SEC is currently reviewing 92 crypto ETF applications, according to Bloomberg Intelligence analyst James Seyffart.

A detailed spreadsheet published on August 28 shows most of these filings, especially those linked to Solana, XRP, and Litecoin, are facing final decisions by October.

The wave of new applications reflects growing interest in altcoin-focused ETFs and could spark fresh capital inflows into the crypto market.

Solana and XRP are leading the ETF race, with eight and seven pending applications respectively. These altcoins now rank as the most targeted crypto investments after Bitcoin and Ethereum.

The overall count of pending applications has climbed rapidly, from 72 in April to 92 in August, marking a significant uptick in institutional interest and regulatory engagement.

As reported, digital asset investment products bounced back last week, drawing in $2.48 billion in inflows after a brief period of outflows.

The surge pushed August’s total inflows to $4.37 billion, bringing the year-to-date figure to $35.5 billion.

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