Industry expert Eric Balchunas from Bloomberg anticipates that the first U.S. exchange-traded fund focused directly on Dogecoin is set to launch this Thursday, September 11th.
In a post on X (formerly Twitter) dated September 9th, Balchunas mentioned that Rex-Osprey’s planned DOGE ETF, with the ticker symbol DOJE, could signal the dawning of what he terms a “memecoin ETF” era.
Balchunas emphasized the unique aspects of this fund, highlighting that it would be the first ETF in the United States intentionally holding an asset “with no purposeful utility.”
DOJE ETF
This announcement arrives just a week after Rex-Osprey officially submitted the ETF’s paperwork to the U.S. Securities and Exchange Commission (SEC).
The expedited approval process is likely due to the fact that DOJE was registered under the Investment Company Act of 1940. This strategy permits faster authorization compared to the more conventional 19b-4 process typically needed for spot crypto ETFs.
Under this approach, the fund is structured as a C-corporation, gaining exposure to DOGE through a subsidiary located in the Cayman Islands.
It’s worth noting that Rex-Osprey employed the same method for its Staking Solana Fund (SSK), demonstrating the company’s familiarity with this structural setup.
However, some investors express caution regarding this approach, primarily due to worries about possible double taxation.
5 Days to Smarter Crypto Moves
Learn how pros avoid bagholding, spot insider front-runs, and capture alpha — before it’s too late.
Brought to you by CryptoSlate
Regardless, this method could provide a faster path for the issuer, while other companies may be delayed because they are applying through the Securities Act of 1933.
DOGE Treasury Firm
Simultaneously, a major corporation is incorporating Dogecoin into its digital asset treasury strategy.
On September 8th, CleanCore Solutions Inc., a publicly traded company on the NYSE American, revealed that it had purchased 285.4 million DOGE, valued at approximately $68 million. This acquisition makes CleanCore the current leader in Dogecoin treasury holdings.
CleanCore stated that this purchase marks the initial step in their plan to amass one billion DOGE within a month, ultimately aiming to control 5% of the token’s total circulating supply.
The Dogecoin Foundation and its corporate affiliate, House of Doge, are supporting this initiative. Their overarching strategy envisions DOGE as a pivotal digital asset for transactions, tokenization initiatives, staking-style products, and international payments.
To manage the custody and execution for this newly established treasury, the House of Doge has also announced a strategic alliance with Bitstamp USA, which currently operates under the Robinhood umbrella (NASDAQ: HOOD). According to the agreement, Bitstamp by Robinhood’s platform will oversee the Official Dogecoin Treasury.
The involved parties have stated that this arrangement aims to boost transparency and stability, paving the way for yield-generating products, potentially expanding Dogecoin’s presence in mainstream finance.