The first exchange-traded fund (ETF) tied to Dogecoin is set to begin trading in the United States on Thursday, marking a milestone in the uneasy relationship between crypto culture and Wall Street. The Rex-Osprey Doge ETF (ticker: DOJE) will give institutional investors regulated exposure to the memecoin that started as a joke in 2013 but has since grown into a $36 billion market heavyweight.
Approved under the Investment Company Act of 1940, DOJE differs from the spot Bitcoin ETFs that made headlines earlier this year. Instead of holding Dogecoin directly, the fund gains exposure through derivatives and a Cayman Islands subsidiary, a structure designed to meet diversification rules under the 1940 framework. That distinction sets it apart from Bitcoin funds approved under the 1933 Securities Act, which operate more like traditional commodity trusts. The debut comes as interest in memecoins continues to spill over into mainstream markets, with projects like the new site maxidogetoken.com also drawing attention in presale phases.
Dogecoin’s surge ahead of the ETF has not gone unnoticed. DOGE prices rose nearly 13% over the last week, according to CoinMarketCap, and retail traders positioned ahead of the launch. Advocates believe DOGE’s durability has allowed it to weather multiple winter downturns while still managing to stay in the top 10 among cryptocurrencies by market cap, which demonstrates that its community-driven nature provides some unique value. Elon Musk’s outspoken remarks in 2021 only helped reinforce this belief.
Reactions to the ETF are mixed. Critics believe the product institutionalises speculation, with little more than an expensive wrapper around a product that investors could buy themselves outright. Brian Huang, CEO of Glider, believes that these ETFs are charging big fees when people could create an online account and purchase the token that way. Supporters believe the fund lends legitimacy to DOGE through its custody, audits, and disclosures, which will provide access to a broader class of investors. Maja Vujinovic, CEO of FG Nexus, mentioned that if DOGE comes first, it will show that communities can push these kinds of crypto assets into regulated structures.
The broader industry context underscores how much is at stake. The U.S. Securities and Exchange Commission is currently reviewing 92 applications for crypto-related ETFs and exchange-traded products, according to Bloomberg analysts. These range from mainstream tokens like Solana and XRP to meme-inspired projects such as Bonk and even a fund tied to Official Trump (TRUMP). The flood of filings follows the record-breaking debut of spot Bitcoin ETFs in early 2024, which drew tens of billions of dollars in inflows within weeks and helped normalise crypto ETFs in the eyes of traditional investors.
For some, Dogecoin’s ETF debut highlights how far crypto has come in bridging culture and capital markets. For others, it highlights how speculation continues to drive much of the industry’s momentum. “An ETF wrapper doesn’t change the fundamentals; it just lets Wall Street pump DOGE with a straight face,” said Douglas Colkitt of Fogo to Cointelegraph. Either way, the launch cements Dogecoin’s place in financial history and signals that the line between meme culture and institutional finance is thinner than ever.
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