The era of meme coin exchange-traded funds (ETFs) has officially arrived in the United States. According to Bloomberg Intelligence analyst Eric Balchunas, the first U.S. meme coin ETF, the Rex-Osprey Dogecoin ETF (ticker: DOJE), is set to begin trading on Thursday, September 11, 2025. This launch represents a significant expansion of regulated cryptocurrency products, following the successful introduction of Bitcoin and Ethereum funds last year.
Balchunas highlighted the novelty of this product in a social media post, noting, “Pretty sure this is the first-ever US ETF to hold something that has no utility or purpose”. This launch is particularly significant as it leverages the Investment Company Act of 1940 (’40 Act) for registration. This framework differs from the Securities Act of 1933 (’33 Act), which typically governs grantor trusts holding physical commodities or derivatives and often involves a more lengthy Securities and Exchange Commission (SEC) review process. The ’40 Act route allows the fund to operate as a mutual investment fund, providing a structured path to market with established investor protections.
The announcement has already positively impacted Dogecoin’s market performance. The cryptocurrency recorded gains of nearly 13% over the past week ahead of the approval, with its price rising from around $0.21 to approximately $0.245. Dogecoin, widely regarded as the first true meme coin with a decade-long history and a $36 billion market capitalization, demonstrates how even assets originating from internet culture can attract substantial institutional interest, albeit often for speculative purposes.
The introduction of a Dogecoin ETF also signals a potential shift in the regulatory landscape under the Trump administration, which has shown a more open attitude towards digital assets. Furthermore, the approval of this ETF highlights the growing legitimacy of the broader cryptocurrency market and could pave the way for further innovation in crypto-based financial products.
However, the REX-Osprey fund is not the only player seeking entry into this new market. Other major firms like Grayscale, Bitwise, and 21Shares have submitted applications for Dogecoin ETFs under the ’33 Act and are awaiting SEC approval. Bloomberg analysts estimate a 90% probability of approval for these funds later this year. The SEC faces deadlines in October and November to decide on these applications, and it may choose to approve multiple products simultaneously, similar to its approach with Bitcoin and Ethereum ETFs.
The launch of DOJE signifies a pivotal moment for the cryptocurrency industry. It provides institutional and traditional investors with a regulated vehicle to gain exposure to a popular yet unconventional digital asset, potentially driving further adoption and integration of meme coins into the traditional financial system.
