First U.S. Meme Coin ETF DOJE Poised to Launch, Merging Crypto and TradFi
The Rex Shares-Osprey Dogecoin ETF (DOJE), the first U.S. exchange-traded fund focused on a meme coin, could launch this week, signaling a significant step in the integration of cryptocurrency and traditional finance — even though Dogecoin lacks conventional utility.
Originally scheduled for last week alongside other crypto and politically themed ETFs, including funds linked to Bonk (BONK), XRP, Bitcoin (BTC), and a Trump-themed fund, DOJE’s debut was delayed. Bloomberg analysts Eric Balchunas and James Seyffart now expect Thursday to be the most likely launch date, while noting that uncertainty remains.
“It’s more likely than not,” Seyffart said, describing Thursday as the base case.
DOGE has been among the strongest performers over the past month, up roughly 15%, despite a 3.5% decline in the past 24 hours.
If launched, DOJE would mark the first U.S. ETF dedicated to a meme coin — cryptocurrencies that often lack intrinsic value and gain popularity through social media trends, celebrity endorsements, and speculative trading. Other tokens in this category include Shiba Inu (SHIB) and Bonk.
Balchunas noted the fund’s uniqueness on X: “First-ever US ETF to hold something that has no utility on purpose.”
Unlike a spot ETF, DOJE will not hold DOGE directly. Instead, it will gain exposure through a Cayman Islands-based subsidiary using futures and derivatives, allowing investors to trade through traditional brokerage accounts without holding the token physically.
The ETF was approved under the Investment Company Act of 1940, commonly used for mutual funds and diversified ETFs, distinguishing it from bitcoin ETFs that are approved under the Securities Act of 1933 for commodity-based products. Structurally, DOJE is closer to a mutual fund than a commodity trust.
Several firms have applied to launch spot DOGE ETFs, which would hold the token directly. These applications are still under review by the SEC, which has grown increasingly receptive to crypto ETFs following approvals of bitcoin products in early 2024.
Despite longstanding skepticism around meme coins, investor demand has remained robust. Seyffart predicts that similar ETFs will follow.
“There will be a bunch of products like this, whether you love it or need it,” he said. “Many financial products already exist primarily for short-term trading. If there’s an audience for this in crypto, it’s likely to find one in ETFs and TradFi as well.”
Whether DOJE sparks a wave of meme coin ETFs or simply validates the concept, its launch marks a new chapter in the blending of internet culture and traditional finance.
