Dogecoin managed to climb nearly 4% on Friday to trade around $0.26, shrugging off news that the much-anticipated launch of the first United States Dogecoin exchange-traded fund (ETF) has been pushed back yet again.
According to CoinMarketCap, DOGE was priced at $0.2603 at the time of writing, despite Bloomberg’s senior ETF analyst Eric Balchunas confirming another delay for the Rex-Osprey Doge ETF (ticker: DOJE). The ETF had been expected to debut on Sept. 12 alongside Bonk, XRP, Bitcoin and Trump Official ETFs, but Balchunas now suggests the listing will be pushed to the middle of next week.
Earlier coverage: Spot Bitcoin ETFs Attract $1.7B in Inflows as Crypto Market Cap Reclaims $4T
The DOJE ETF received regulatory approval earlier this month under the Investment Company Act of 1940 — a framework generally applied to mutual funds and diversified ETFs. This makes it distinct from Bitcoin ETFs, which fall under the Securities Act of 1933 that governs commodity- and asset-backed products.
Dogecoin price chart. Source: CoinMarketCap
Balchunas told Cointelegraph that he learned of the delay directly from the fund’s issuer, though no reason was given. He added that while the DOGE ETF is likely to attract attention, it may have only a “minimal” impact on Dogecoin’s price compared to Bitcoin ETFs, since most potential DOGE investors already have access to crypto exchanges.
Source: Eric Balchaunas
“This isn’t really a spot ETF,” he explained, noting that the product relies on a Cayman Islands-based subsidiary and derivatives to meet diversification requirements under the 1940 Act, rather than holding DOGE directly. Still, he expects four to five Dogecoin ETFs to hit the market by October or November, which could collectively increase institutional exposure.
ETF fuels speculation about memecoins
The approval of the DOJE ETF has sparked debate. Balchunas remarked that it could be “the first-ever US ETF to hold something that has no utility or purpose.” While the broader crypto community has typically cheered new ETF approvals, critics argue that a memecoin ETF merely institutionalizes speculation and charges unnecessary fees compared to buying DOGE directly.
Institutional money flows into DOGE
Despite the debate, institutional interest in Dogecoin continues to grow. CleanCore Solutions, a company specializing in aqueous ozone cleaning systems, disclosed on Friday that it has now accumulated half of its 1 billion DOGE treasury target, purchasing $130 million worth of tokens this week alone.
The acquisition was funded by a $175 million private placement announced on Sept. 5, which closed successfully just two days later. Meanwhile, Trump family-linked media firm Thumzup revealed plans this month to purchase 3,500 Dogecoin mining rigs, calling DOGE “one of the most widely held cryptocurrencies.”
Dogecoin, once dismissed as a joke, now finds itself increasingly woven into institutional strategies — even as questions linger about the utility and sustainability of memecoin-focused financial products.