The first U.S. Dogecoin exchange-traded fund (ETF) could hit the market as early as next week. Bloomberg ETF analyst Eric Balchunas said REX Shares, in partnership with Osprey Funds, has filed a prospectus with the Securities and Exchange Commission (SEC). This clears the way for a potential launch.
Balchunas noted that REX is using the same approach it employed in July to bring its Solana Staking ETF to market. By registering the product under the Investment Company Act of 1940, the issuer can bypass the SEC’s slower review process for spot crypto ETFs.
REX-Osprey Seeks Fast-Track Approval Under 1940 Act
Traditional crypto ETF applications must go through Form S-1 and Form 19b-4 filings. These require SEC approval of new exchange rules. That process has delayed products tied to Bitcoin, Ethereum, and other cryptocurrencies for years.
The 1940 Act route works differently. It allows issuers to register a fund as an open-end investment company. This means that it can begin trading once the filing becomes effective and an exchange agrees to list it. ETF Store president Nate Geraci has described this as a “regulatory end-around” that accelerates timelines but raises oversight concerns for highly volatile tokens like Dogecoin.
In its filing, REX said the Dogecoin ETF, proposed under the ticker DOJE, would invest at least 80% of its assets in Dogecoin or instruments linked to its price. The structure also uses a Cayman Islands subsidiary, capped at 25% of the fund’s assets, to provide exposure to derivatives such as futures and swaps while maintaining U.S. tax compliance.
Rival Dogecoin ETF Applications Still Pending
Several major firms are also seeking SEC approval for Dogecoin ETFs. In April 2025, 21Shares filed for a spot Dogecoin ETF with Coinbase Custody as its custodian. Bitwise Asset Management submitted a similar application earlier in the year. In August 2025, Grayscale Investments filed to convert its Dogecoin Trust into an ETF under the ticker GDOG. This was also proposed to include the creation and redemption in baskets of 10,000 shares.
These filings remain under SEC review because they follow the traditional rule-change process. If REX-Osprey’s prospectus becomes effective first, it would give the partnership a first-mover advantage in listing a Dogecoin ETF in the U.S.
Dogecoin has shown both sharp gains and steep losses over the past year. The token is up about 117% year-on-year, but remains 54% below its December 2024 high near $0.4672. At press time, it trades between $0.21 and $0.22.
The SEC prospectus for DOJE included a warning that Dogecoin is “a relatively new innovation” and is subject to “unique and substantial risks.”
If DOJE launches next week, it would be the first U.S.-listed ETF tied directly to Dogecoin. The timing comes as the SEC considers introducing generic listing standards for crypto ETFs under the 1940 Act framework. Such standards, expected later in 2025, could streamline approvals for a wider range of digital assets.
