The United States may see the launch of its first Dogecoin exchange-traded fund as early as next week, according to Bloomberg analyst Eric Balchunas.

“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,” Balchunas wrote in an X post on Thursday, noting that ETF issuer REX Shares recently filed a prospectus with the US Securities and Exchange Commission.

The filing cautioned that “DOGE is a relatively new innovation and is subject to unique and substantial risks. The market for DOGE is subject to rapid price swings, changes and uncertainty.”

Dogecoin has risen 116.67% over the past year, according to CoinMarketCap, though it remains down 54% from its 2024 high of $0.4672 in December. It was trading at $0.2129 at the time of writing.

REX uses alternative path to ETF approval

Unlike most crypto ETFs that go through the standard S-1 and 19b-4 filings with the SEC, REX is pursuing a “40 Act” structure. This is the same route it used to launch its Solana staking ETF. ETF Store president Nate Geraci has referred to this method as “a regulatory end-around.”

Other issuers, including 21Shares, Bitwise and Grayscale, are still waiting on SEC decisions for their Dogecoin ETF applications. Meanwhile, REX has also filed for an ETF linked to the OFFICIAL TRUMP token, which would operate through an offshore company holding the asset.

Dogecoin’s mainstream presence

Dogecoin continues to attract mainstream attention, in part due to its association with billionaire Elon Musk. Musk, who has called himself the “Dogefather,” once joked that Dogecoin was “a hustle” during a 2021 Saturday Night Live appearance.

More recently, Fortune reported that Musk’s attorney Alex Spiro is chairing a new public company aiming to raise $200 million to invest in Dogecoin.

Sources:

https://cointelegraph.com/news/dogecoin-etf-united-states-launch-next-week-analyst

https://www.sec.gov/Archives/edgar/data/1771146/000199937125000494/rexosprey-485apos_012125.htm

https://x.com/REXShares/status/1963323470680387670

https://coinmarketcap.com/currencies/dogecoin/

https://x.com/NateGeraci/status/1928574747073204224