Dogecoin ETF Could Debut Next Week Following REX SEC Filing: Analyst

Highlights:

• Dogecoin ETF could debut soon as REX Shares files effective SEC prospectus.
• Company warns Dogecoin faces rapid price changes, sharp swings, and constant uncertainty.
• The 40 Act route avoids delays by offering indirect exposure instead of direct holdings.

A Dogecoin exchange-traded fund (ETF) could arrive in the United States as early as next week, according to Bloomberg analyst Eric Balchunas. On Thursday, Eric Balchunas posted on X that REX might soon bring a Dogecoin ETF under the 40 Act, using the same model as its earlier $SSK fund. His remarks came after REX Shares filed an effective prospectus with the U.S. Securities and Exchange Commission.

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In the filing, REX also gave a warning about Dogecoin. The company explained that DOGE is still a new kind of digital asset and involves many risks. It said the Dogecoin market can move very quickly, with sudden price changes, sharp swings, and constant uncertainty, all of which may affect investors.

The REX-Osprey™ DOGE ETF, $DOJE, is coming soon!$DOJE will be the first ETF to deliver investors exposure to the performance of the iconic memecoin, Dogecoin $DOGE.

From REX-Osprey™, the team behind $SSK, the first SOL + Staking ETF.@OspreyFunds

Investing involves risk.… pic.twitter.com/2eVv2hI7cf

— REX Shares (@REXShares) September 3, 2025

Why Spot Crypto ETFs Face Delays

Crypto ETFs that are filed under Form S-1 and Form 19b-4 usually face a long review by the SEC. The regulator spends extra time on these applications because they deal with spot crypto assets, which are considered more risky. This is the reason many filings from different companies are still waiting for approval. Companies using the standard process for crypto ETFs are still experiencing delays. On April 10, 21Shares applied to launch a Dogecoin ETF, following similar submissions earlier from rivals Bitwise and Grayscale.

How the 40 Act Method Works

The 40 Act method works differently from the usual spot crypto ETF route. Instead of directly buying and holding cryptocurrencies, these funds invest in companies or special structures that are linked to the crypto asset. This way, investors still get exposure to the asset, but the ETF itself does not own the tokens. Because the fund avoids holding spot crypto directly, the SEC considers it less risky. This speeds up the approval process, since it does not require the long and detailed checks normally applied to spot crypto funds.

ETF Store President Nate Geraci has described this approach as a “regulatory end-around,” because it allows funds to move forward without the same delays. Sometimes, an ETF sets up a separate company in another country, like the Cayman Islands. That subsidiary is carefully structured to meet the rules of the 40 Act, which lets the ETF gain exposure to complex assets like commodities or derivatives without breaking regulations for the main fund.

REX Shares w/ the regulatory end-around…

Looks like two crypto ETF launches are imminent.

REX-Osprey ETH + Staking ETF and REX-Osprey SOL + Staking ETF.

'40 Act funds taxed as C-Corp (so double taxation).

Both ETFs seek to stake at least 50% of underlying crypto asset. https://t.co/4JyczUeSpG

— Nate Geraci (@NateGeraci) May 30, 2025

In the latest case DOGE fund will not buy Dogecoin directly. Instead, it will use a separate company created in the Cayman Islands, called the DOGE Subsidiary. This Cayman company will handle the investments. But in the prospectus (the official document), the risks and strategies of the Cayman company are explained together with the main fund. This way, investors know everything about how the fund and the Cayman company work as one. In June, the REX Osprey SOL Staking ETF started trading because it used the 40 Act legal shortcut.

Dogecoin ETF Gains Attention Amid DOGE’s Growing Popularity

Even people who have never invested in crypto probably know about Dogecoin. The coin has been in the spotlight for years and has gained strong mainstream attention. Billionaire Elon Musk has played a big role in this popularity. He once called himself the “Dogefather” and even joked that Dogecoin was “a hustle” during his 2021 appearance on Saturday Night Live.

Over the last year, Dogecoin has jumped by 1121%, based on data from CoinMarketCap. Even with this strong growth, the coin is still down 70% from its 2024 peak of $0.4672 in December. At the time of writing, DOGE is trading at $0.2158.

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