The first US Dogecoin exchange-traded fund (ETF), branded as the Rex-Osprey Dogecoin ETF (DOJE), is set to launch on September 11, 2025. Unlike Bitcoin ETFs approved under the Securities Act of 1933, DOJE was approved under the Investment Company Act of 1940, a framework typically used for mutual funds and diversified ETFs. This structure requires diversification and restricts single-asset concentration, so DOJE gains exposure through a Cayman Islands subsidiary and derivatives rather than holding Dogecoin directly.
The launch has divided industry voices. Supporters view it as a breakthrough for crypto's community-driven legitimacy, while critics dismiss it as institutionalized speculation. Brian Huang, CEO of Glider, noted that investors could avoid fees by buying DOGE directly on exchanges like Coinbase. Others, like Douglas Colkitt of Fogo blockchain, expressed frustration that a memecoin is front-running projects with more tangible use cases.
Dogecoin, created in 2013 as a joke, has grown into a top-10 cryptocurrency by market cap. Its tokenomics parody Bitcoin's scarcity—instead of a cap, it issues 10,000 DOGE per minute, resulting in about 5 billion new coins yearly. Despite this, it has mainstream recognition, partly due to Elon Musk's endorsements, and has shown resilience through multiple bear markets.
The ETF debut coincides with growing institutional interest, including CleanCore Solutions adding 285 million DOGE ($68 million) and aiming for a billion DOGE soon. Market data shows bullish trends, with DOGE breaking key resistance levels and risking $45 million in short liquidations if prices reach $0.267. Over 30 other crypto ETF applications, including memecoins like TRUMP and PENGU, await SEC decisions.