From meme to mainstream: Dogecoin ETF DOJE begins trading

An exchange-traded fund tracking the price of the largest memecoin, Dogecoin, is officially on the market.

The REX-Osprey DOGE ETF, under the ticker symbol DOJE, began trading on Thursday, according to a press release from both firms.

REX Shares and Osprey Funds, separate companies that collaborate to issue ETFs focused mostly on crypto exposure, filed a prospectus last week for the fund, along with other crypto-related ETFs. The fund will invest and hold DOGE and may also invest in shares of other crypto ETFs and in derivatives, according to that prospectus.

In proposing DOJE, the two firms pursued a path to compliance by registering the product under the Investment Company Act of 1940 — a federal law that regulates investment funds that pool capital from investors to pursue a common investment strategy. DOJE uses a similar legal structure as the REX Osprey SOL Staking ETF when it launched in June and has some legal workarounds.

"Setting the over/under on $DOJE volume on Day One at $2.5 million (which is respectable table but nothing too special)," Bloomberg's Eric Balchunas said in a post on X. "The fact that’s it 40 Act and not 33 Act (and is not big boy issuer) could diminish interest a bit relative to other crypto first evers."

Other firms have proposed ETFs tracking DOGE, including Grayscale and Bitwise, using a different legal structure under the Securities Act of 1933. Conversely, REX and Osprey opted to file under the Investment Company Act of 1940, which allows funds to be actively managed. The two firms also launched an XRP ETF on Thursday, which has the same legal structure as the one tracking DOGE.

First U.S. spot DOGE ETF

"We are incredibly excited to bring the first spot Dogecoin and XRP ETFs to the U.S. market," said REX Financial CEO Greg King in an email. "As first-to-market funds, XRPR and DOJE give investors unique exposure to two of the leading names in the crypto and digital asset space  — all in a regulated ETF."

House of Doge CEO Marco Margiotta said the launch of the ETF was significant for the memecoin. House of Doge is the corporate arm of the not-for-profit Dogecoin Foundation.

"The approval of the first U.S. Dogecoin ETF isn’t just a market milestone, it’s a vindication of everything our partners at the Dogecoin Foundation have championed for years — that Dogecoin is more than a meme, it’s a global currency," Margiotta said in a statement.

The launch of the DOJE and XRPR comes after the SEC approved listing standards for crypto ETFs, which will ultimately expedite multiple proposals for those funds awaiting the agency's sign off. Under current rules, exchanges must file a 19b-4 form for crypto ETFs, triggering a review period of up to 240 days. The new listing standards will reduce that timeline to as little as 75 days and allow the listing and trading of crypto exchange-traded products that meet those standards without the 19b-4 form requirement.

Giang Bui, vice president and head of U.S. equities and ETPs at Nasdaq, said the exchange looks forward to continuing working with asset managers on expanding investors' access to certain cryptocurrencies.

"We welcome the SEC’s decision to provide standardized and rule-based framework for crypto ETFs, a priority for our ongoing engagement with industry stakeholders," Bui said in an email. "Nasdaq remains committed to bridging digital and transitional markets, supporting innovation while upholding investor protection and market integrity."