First Spot Dogecoin ETF To Launch On September 11
Highlights
- REX-OSPREY had teased about the DOGE ETF launch last week.
- The fund will trade under the 'DOJE' ticker.
- There are still pending Dogecoin ETF applications under the 33 Act.
Bloomberg analyst Eric Balchunas has provided a date for when the first Dogecoin ETF is set to go live. This follows REX-OSPREY’s hint last week about its plans to launch this ETF following its application under the ’40 Act.
REX-OSPREY Dogecoin ETF To Launch On September 11
In an X post, the Bloomberg analyst stated that the REX-OSPREY DOGE ETF appears set to launch on September 11, a move that he noted will mark the beginning of the Memecoin ETF era. This will be the first DOGE and meme coin ETF to launch in the market amid the launch of other crypto ETFs.
Notably, the asset manager is launching the Dogecoin ETF under the 40 Act. Balchunas noted that a large group of ’33 Act filings for a DOGE ETF is still awaiting the SEC’s approval. The Bloomberg analyst then remarked that this is probably “the first-ever US ETF to hold something that has no utility on purpose.”
As CoinGape reported, REX-OSPREY had first teased about the launch of the DOGE ETF last week. Notably, the asset manager is launching the fund in a similar manner to how it launched its Solana ETF, which is also the first SOL staking ETF to go live.
Since hinting at the DOGE ETF launch, the Dogecoin price has recorded significant gains, rising from a low of around $0.21 last week. TradingView data shows that the meme coin is currently trading at around $0.245, up almost 2% in the past day.
Other DOGE ETFs On The Horizon
The Dogecoin ETFs filed under the 33 Act are also likely to launch soon enough, as Balchunas and his colleague James Seyffart predict that there is a 90% chance that the SEC approves these funds this year.
Grayscale, Bitwise, and 21Shares have all filed to offer an ETF for the top meme coin under the 33 Act. The SEC has to approve or disapprove the proposed rule change to list and trade shares of the Grayscale ETF by October 18, which is the final deadline.
Meanwhile, the final deadline for Bitwise’s application doesn’t come up until November 12. However, the Commission could approve all Dogecoin ETFs at the same time, similar to how it approved the Bitcoin and Ethereum ETFs simultaneously.
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