The United States is about to witness a new milestone in crypto investing with the launch of its very first memecoin exchange-traded fund (ETF). The Rex-Osprey Doge ETF (ticker symbol: DOJE) is scheduled to begin trading on Thursday, adding a new dimension to the rapidly expanding range of regulated digital asset products available to American investors.

Bloomberg ETF analyst Eric Balchunas broke the news on Tuesday, calling it “the first-ever US ETF to hold something that has no utility or purpose,” in reference to Dogecoin’s unique status in the market as a project that began as a joke but has since grown into a $36 billion crypto giant with a decade-long history and one of the most loyal investor communities in the industry.

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Balchunas explained that the Doge ETF is being launched under the Investment Company Act of 1940, which is a different legal structure than the Securities Act of 1933 typically used for commodity-based ETFs such as Bitcoin and Ether. This alternative regulatory path helped pave the way for approval.

Source: Eric Balchunas

The announcement has already stirred excitement among traders, with Dogecoin (DOGE) rallying nearly 13% over the past week in anticipation of the fund’s debut, according to CoinMarketCap data. The listing underscores how far crypto has come in the eyes of traditional finance — even a memecoin that was once dismissed as a passing fad is now finding its way into a mainstream, SEC-approved investment vehicle.

More crypto ETFs expected as SEC reviews dozens of filings

The approval of the Rex-Osprey Doge ETF arrives at a time when the Securities and Exchange Commission (SEC) is actively considering a large wave of applications for other crypto ETFs. Bloomberg ETF analyst James Seyffart noted that there are currently 92 proposals under review, spanning a wide variety of digital assets including Solana (SOL), XRP, and additional Dogecoin-related products.

The first major breakthrough for US crypto ETFs came with the rollout of spot Bitcoin ETFs in early 2024, which collectively pulled in tens of billions of dollars in record time and became one of the most successful ETF debuts in market history. Ether ETFs followed later, starting with sluggish demand but gradually picking up traction as institutional investors warmed up to the asset.

The expansion into memecoins represents the next frontier for the ETF industry as regulators under President Donald Trump adopt a more supportive stance toward digital assets. Alongside their willingness to greenlight memecoin ETFs, US regulators have also clarified how tokenization fits into the existing financial system and offered guidance around liquid staking, signaling a broader acceptance of crypto in capital markets.

Source: James Seyffart

The arrival of DOJE not only marks a cultural moment for Dogecoin and its famously enthusiastic community but also reflects Wall Street’s willingness to package even the quirkiest corners of the crypto world into products that meet institutional demand.