First Dogecoin ETF Could Debut in America Next Week, Bloomberg Analyst Says

The long-anticipated Dogecoin ETF may finally be hitting U.S. markets as early as next week, according to Bloomberg ETF analyst Eric Balchunas. 

If approved, it would mark the first exchange-traded fund tied directly to Dogecoin (DOGE), signaling yet another milestone for the meme-inspired cryptocurrency.

REX Shares Leads the Dogecoin ETF Push

Balchunas revealed on Thursday via X that ETF issuer REX Shares has filed an effective prospectus with the U.S. Securities and Exchange Commission (SEC), paving the way for a Dogecoin ETF launch 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 noted, comparing the move to REX’s earlier Solana staking ETF.

Unlike most crypto ETFs, which require issuers to file Form S-1 and Form 19b-4, the 40 Act route provides a different regulatory pathway. ETF Store president Nate Geraci previously described this strategy as “a regulatory end-around,” allowing issuers like REX to move ahead while others await direct SEC approvals.

REX’s Risk Warning

In its prospectus, REX warned investors about Dogecoin’s volatility, and said, “DOGE is a relatively new innovation and is subject to unique and substantial risks. The market for DOGE is subject to rapid price swings, changes and uncertainty.”

This acknowledgment is due to DOGE’s track record of dramatic rallies and steep corrections. Over the past year, Dogecoin surged 121.84%, according to CoinMarketCap. Still, the token is trading nearly 54% below its December 2024 high of $0.4672, sitting around $0.2138 at the time of writing.

Dogecoin performance over the past year (Source: CoinMarketCap)

Competitive Race for a Dogecoin ETF

While REX appears to have the edge, it is not alone in pursuing a Dogecoin ETF. In April, 21Shares submitted a filing to launch one, shortly after similar applications from Bitwise and Grayscale. These issuers, however, are still waiting on the SEC’s decisions.

Meanwhile, REX has taken a more aggressive stance. Beyond Dogecoin, the company has also filed for an ETF tied to the Official Trump (TRUMP) token, following the same 40 Act framework.

Mainstream Spotlight on Dogecoin

Dogecoin remains one of the most culturally iconic cryptocurrencies, largely thanks to billionaire Elon Musk, who famously dubbed himself the “Dogefather” and once called DOGE “a hustle” on Saturday Night Live in 2021.

More recently, Fortune reported that Musk’s attorney Alex Spiro is chairing a new public company aiming to raise $200 million to invest directly in Dogecoin, underscoring the asset’s continued pull among high-profile backers.

With the first U.S. Dogecoin ETF possibly days away, retail and institutional investors alike may soon gain easier access to the coin that started as a joke but has grown into a multibillion-dollar market.