The REX-Osprey Doge ETF will become the first ETF to give investors direct exposure to the meme coin's price movements.
REX–Osprey Set to Launch First Dogecoin ETF in the US
On September 5, REX Shares and Osprey Funds filed a prospectus with the US Securities and Exchange Commission ( SEC ) for the REX–Osprey Doge ETF (code: DOJE). According to analysts, the product could be listed as early as next week, becoming the first ETF to give investors direct exposure to Dogecoin (Doge) price movements on the US stock market.
Why is this news important?
- If successfully listed, Dogecoin would be the first memecoin to have an ETF that provides direct exposure to Doge price movements while remaining within the traditional Capital market oversight framework.
- In 2025, under the leadership of Chairman Paul Atkins, the SEC allowed crypto ETFs to implement in-kind creations and redemptions directly with the underlying assets. This new rule paved the way for the filing of crypto spot ETFs, as well as the implementation of options on some Bitcoin ETF products.
What is DOJE and how does it work?
- DOJE is designed under the Investment Company Act of 1940 (the '40 Act). To comply, the fund uses a Cayman Islands subsidiary – REX–Osprey Doge (Cayman) Portfolio SP – to hold Doge.
- An ETF under the '40 Act would not hold Dogecoin directly in its main fund, but would instead use a subsidiary to hold the assets. This approach would satisfy the legal requirement, but could lead to tracking errors, additional operating costs, and require more rigorous risk management.
- This Cayman subsidiary model was successfully applied by REX–Osprey to list SOL Staking ETF on the exchange in June 2025.
- In addition to DOJE, the prospectus also mentions the possibility of expanding to ETFs tied to XRP, BONK, TRUMP, as well as BTC, ETH, SOL in the next stages.
- Grayscale and Bitwise are also pursuing a Dogecoin ETF, signaling an ETF race revolving around the market’s largest memecoin Followin_C6tWk8.
- Eric Balchunas (Bloomberg Intelligence) commented that DOJE is likely to be the first ETF in the group of memecoin ETF products such as TRUMP ETF and BONK ETF that may follow depending on the approval progress.
Evidence
- At the time of writing, Doge is currently trading around $0.21, down slightly by 1.6% over the past 24 hours.
Doge price movement in the last 24 hours, screenshot on CoinGecko at 10:15 AM on 06/09/2025
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