Is Dogecoin About to Hit Wall Street? REX-Osprey Files Prospectus for US ETF Launch Next Week

Dogecoin ETF Could Hit US Markets Next Week With Regulatory Shortcut

REX Shares and Osprey Funds may launch the first US-listed exchange-traded fund offering direct exposure to Dogecoin as early as next week.

The REX-Osprey DOGE ETF, expected to trade under the ticker DOJE, was filed with the US Securities and Exchange Commission on Wednesday.

The filing also hinted at potential ETFs linked to XRP, BONK, TRUMP, as well as BTC, ETH, and SOL.

Bloomberg Intelligence analyst Eric Balchunas highlighted the development on X, stating,

“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.”

How The 40 Act Creates a Shortcut For Crypto ETFs

Unlike traditional crypto ETFs that must navigate Form S-1 and 19b-4 filings, the REX-Osprey ETF will follow the Investment Company Act of 1940, commonly called the “40 Act.”

This allows funds to invest in assets typically restricted under US law through subsidiaries in jurisdictions like the Cayman Islands.

According to ETF Trends, these subsidiaries are structured to meet 40 Act requirements while giving the fund exposure to otherwise complex assets.

The REX-Osprey DOGE ETF will gain exposure through the Cayman-based REX-Osprey DOGE Portfolio S.P., or DOGE Subsidiary.

ETF Store president Nate Geraci described this approach as a “regulatory end-around,” noting it bypasses some delays facing conventional spot crypto ETFs.

REX previously used the same structure to launch its Solana staking ETF in June.

Dogecoin Remains Volatile Despite Recent Gains

The prospectus warned investors that Dogecoin carries “unique and substantial risks” with rapid price swings and market uncertainty.

Over the past year, DOGE has risen 116.67%, though it has cooled from its December 2024 high of $0.4672 to trade at $0.2129.

REX is not the only firm targeting a Dogecoin ETF.

Earlier this year, 21Shares submitted a filing for a Dogecoin fund, closely followed by Bitwise and Grayscale.

All three are still awaiting SEC approval.

Could Trump and Other Tokens Be Next?

The filing also mentions ETFs linked to the TRUMP token, XRP, and BONK, suggesting REX may expand its altcoin offerings in the future.

The Trump-linked fund would similarly rely on an offshore company to hold the asset, following the 40 Act structure.

SEC Shows Growing Engagement With Crypto ETFs

Under Chairman Paul Atkins, the SEC has shown increased openness to crypto investment products.

In July, the regulator approved in-kind creations and redemptions for crypto ETFs and opened the door to applications for spot Bitcoin and Ethereum ETFs, as well as options on certain spot Bitcoin ETPs.

Currently, more than 90 crypto-related ETF proposals are awaiting review, including multiple filings targeting Solana, XRP, and Litecoin.

The rising number of applications reflects growing institutional interest and could bring fresh capital into the crypto market.

Dogecoin Maintains Mainstream Relevance

Dogecoin continues to capture attention far beyond crypto circles.

Elon Musk, long associated with the token, once called it “a hustle” during a 2021 Saturday Night Live appearance.

More recently, Musk’s lawyer Alex Spiro is reported to be leading a $200 million public company focused on Dogecoin investments, highlighting ongoing mainstream interest in the meme-based coin.

If approved, the REX-Osprey DOGE ETF would become the first US-listed fund giving investors direct exposure to Dogecoin, bringing a highly recognisable meme token to traditional markets.