REX Shares Takes Shortcut Route With SEC for First Dogecoin ETF
The first-ever Dogecoin (DOGE) exchange-traded fund (ETF) in the United States could launch as early as next week, according to Bloomberg ETF analyst Eric Balchunas.
Balchunas noted in an X post on Thursday that ETF issuer REX Shares filed an effective prospectus with the US Securities and Exchange Commission (SEC), signaling its intent to launch a Dogecoin ETF via the same 40 Act regulatory pathway it previously used to list its Solana staking ETF.
“Looks like Rex is going to launch a Doge ETF via the 40 Act a la $SSK next week,” Balchunas wrote.
Looks like Rex is going to launch a Doge ETF via the 40 Act a la $SSK next week based on below tweet combined w how they just filed an effective prospectus. Doge looks like first one to go out, but the pros also includes on there are Trump, XRP and Bonk so poss those too at some… https://t.co/svyAFLB8Q3
— Eric Balchunas (@EricBalchunas) September 4, 2025
In the filing, REX Shares cautioned investors that Dogecoin remains highly volatile and carries substantial risk, highlighting its history of rapid price swings.
Dogecoin Price Volatility Still a Concern
Over the past year, Dogecoin has surged more than 116%, according to CoinMarketCap. However, it remains 54% below its 2024 peak of $0.4672 in December, currently trading around $0.2129.
This volatility underscores the speculative nature of the cryptocurrency, despite its widespread popularity and years of mainstream media attention.
A “Regulatory End-Around”
Unlike most crypto ETF issuers, which must file Form S-1 and Form 19b-4 with the SEC, REX Shares is once again leveraging the 40 Act route.
ETF Store president Nate Geraci has previously described this approach as a “regulatory end-around”, since it avoids the traditional ETF approval process that has delayed similar products from Bitwise, Grayscale, and 21Shares, all of which have filed for Dogecoin ETFs but remain pending.
In addition, REX has also filed for an ETF that would track Official Trump (TRUMP), the memecoin tied to former US President Donald Trump, by purchasing shares in an offshore entity that holds the token.
Musk and Mainstream Attention Keep DOGE Relevant
Despite skepticism from regulators, Dogecoin continues to capture mainstream attention.
Elon Musk — who has long been associated with the coin — famously dubbed himself the “Dogefather” and once called DOGE “a hustle” during his Saturday Night Live appearance in 2021.
More recently, Musk’s attorney Alex Spiro was reported by Fortune to be chairing a new public company aiming to raise $200 million to invest in Dogecoin, further cementing the token’s place in the spotlight.
If approved, the REX Dogecoin ETF would mark a milestone as the first DOGE-backed ETF in the United States, potentially opening the door for broader institutional exposure to the memecoin. However, the token’s volatile history and the unconventional regulatory pathway may raise questions about its long-term viability as a mainstream investment product.
