DOGE ETF may go live next week as REX Shares takes shortcut

A Dogecoin ETF may soon make its debut faster than expected. REX Shares is bypassing traditional delays by using a lesser-used regulatory structure, giving it a possible first-mover advantage.
- REX Shares has filed for the $DOJE Dogecoin ETF using the 1940 Act structure, allowing for a potential launch as early as next week.
- REX’s 1940 Act structure route bypasses the usual 19b-4 process, giving it a potential first-mover edge in the memecoin ETF market.
- The prospectus also mentions other possible ETFs tied to Trump, XRP, and BONK, signaling broader memecoin ambitions.
- Unlike $DOJE, other DOGE ETF proposals from Grayscale, 21Shares, and Bitwise remain delayed, awaiting SEC approval.
ETF issuer REX Shares, in partnership with Osprey Funds, has filed for the REX-Osprey™ DOGE ETF, with ticker $DOJE, which aims to offer direct exposure to Dogecoin (DOGE). According to the team’s official announcement, the fund will track DOGE’s performance through a Cayman Islands-based subsidiary. If approved, it could become the first DOGE ETF to hit the market possibly by next week.
In its prospectus, REX acknowledged that Dogecoin is highly volatile, warning that DOGE is “subject to unique and substantial risks,” including sharp price swings and market uncertainty. However, the move to get $DOJE to market first reflects a bold strategic bet on memecoin demand and ETF investor interest.
Reacting to the news, Eric Balchunas, ETF analyst at Bloomberg, said the approval for the filing may be imminent. “Looks like REX is going to launch a Doge ETF via the 40 Act a la $SSK… Doge looks like the first one to go out,” he wrote.
He noted that the prospectus also includes references to additional memecoin-themed ETFs, specifically XRP, TRUMP, and BONK, suggesting that REX may roll out multiple products targeting speculative retail demand in the coming months. This strategy could give REX a multi-product lead in the infant memecoin ETF category.
REX Shares takes shorter route on DOGE ETF
What sets this filing apart is REX’s use of the Investment Company Act of 1940 (commonly known as the “40 Act”). Unlike traditional spot crypto ETFs that are filed under Form S-1 and 19b-4, the 40 Act offers a faster route to market, sidestepping many of the regulatory hurdles that have delayed other high-profile crypto fund proposals.
The 40 Act, a U.S. federal law governing investment companies, is used for funds that pool investor capital under a unified investment strategy. In this case, it allows REX to structure $DOJE as a 40 Act ETF, avoiding the SEC’s lengthy back-and-forth approach which has left over 72 crypto ETFs awaiting approval.
Bloomberg analyst James Seyffart also explained that these ETFs are structured as C-Corps and do not go through the 19b-4 process, which is usually required for crypto funds that track spot prices. This tactic allowed REX to move faster with its Solana staking ETFs earlier this year.
Competitors still awaits SEC green light
While REX pushes ahead, other DOGE ETF hopefuls are still in limbo. Earlier this year, 21Shares, Bitwise, and Grayscale all submitted filings for Dogecoin ETFs. However, the SEC has yet to approve any. The current deadlines are October 18 for Bitwise and Grayscale, and January 9 for 21Shares.
Despite the delays, market optimism is growing. According to Polymarket, the odds of a spot DOGE ETF approval have surged to 80%, reflecting increased investor confidence in near-term developments.
If $DOJE goes live next week as expected, REX Shares may cement itself as a first mover in the memecoin ETF space, opening the door to a wave of similar funds and potentially legalizing DOGE in the eyes of more traditional investors.