Dogecoin may soon take a historic step in its journey from internet joke to mainstream investment vehicle. According to Bloomberg ETF analyst Eric Balchunas, a Dogecoin exchange-traded fund (ETF) could make its debut in the United States as early as next week.

This potential milestone comes after REX Shares, an ETF issuer, filed an effective prospectus with the U.S. Securities and Exchange Commission (SEC). The filing indicates the company’s intention to launch the ETF under the Investment Company Act of 1940, more commonly known as the “40 Act.”

If approved, the new product would mark the first time that American investors could gain direct ETF exposure to Dogecoin, a cryptocurrency with both deep cultural relevance and a volatile trading history.

REX Shares Takes the 40 Act Route

Balchunas highlighted the filing in a Thursday post on X, noting that REX’s choice of structure mirrors an earlier strategy used to roll out its Solana staking ETF. Unlike the traditional path used for spot crypto ETFs, which requires lengthy SEC reviews under Form S-1 and 19b-4, the 40 Act provides a quicker and less contested approval process.

ETF Store President Nate Geraci has previously described this tactic as a “regulatory end-around,” since it avoids some of the bureaucratic hurdles that have slowed approvals for Bitcoin and Ethereum funds.

In its filing, REX did not shy away from acknowledging Dogecoin’s risks. The prospectus warns that the asset is subject to “unique and substantial risks,” including sharp price swings and unpredictable market sentiment.

Dogecoin’s Performance and Investor Appetite

Despite its humble beginnings as a parody cryptocurrency in 2013, Dogecoin has built a strong reputation as one of the most recognizable digital assets. Backed by a vibrant online community and regular endorsements from figures like Elon Musk, DOGE has remained a fixture in the crypto market even through downturns.

Over the past year, Dogecoin’s price has climbed 116%, according to CoinMarketCap. While it has retreated from its December 2024 high of $0.4672, it is still holding near $0.21 at press time. This resilience, coupled with its cultural popularity, has made it a prime candidate for ETF issuers seeking to capitalize on retail and institutional demand.

The filing from REX is not the first attempt to create a Dogecoin ETF. Earlier this year, 21Shares, Bitwise, and Grayscale all submitted applications for similar products, though none have yet received SEC approval.

Expanding Beyond Dogecoin

Interestingly, REX is not limiting its ambitions to Dogecoin. Alongside the DOGE ETF filing, the firm has also submitted paperwork for a fund tied to the TRUMP token, a politically themed digital asset. The ETF would gain exposure through an offshore entity holding the token, reflecting the experimental nature of altcoin-linked funds.

This move underscores a growing willingness among issuers to explore unconventional cryptocurrency products, even as regulatory uncertainty lingers.

Dogecoin’s Enduring Cultural Appeal

Dogecoin has always been more than just a cryptocurrency. Its iconic Shiba Inu logo and internet meme origins gave it a place in pop culture that few other digital assets can match.

The token’s profile received a major boost in 2021 when Elon Musk referenced it during his appearance on Saturday Night Live, calling it “a hustle.” While the comment temporarily dented its price, Musk has remained one of Dogecoin’s most prominent backers.

More recently, Musk’s attorney Alex Spiro was reported to be involved in the formation of a $200 million publicly traded company centered on Dogecoin investments. Such developments have only strengthened DOGE’s reputation as an asset straddling both financial markets and cultural relevance.

Broader ETF Landscape: 92 Applications Pending

The potential approval of a Dogecoin ETF comes amid a broader wave of crypto-related filings. Bloomberg Intelligence analyst James Seyffart recently reported that the SEC is reviewing a record 92 cryptocurrency ETF applications.

A spreadsheet published on August 28 showed that most pending filings are tied to altcoins like Solana, XRP, and Litecoin. Decisions on many of these applications are expected by October, setting the stage for a potentially transformative fall for crypto ETFs.

Notably, Solana and XRP are at the forefront of this surge, with eight and seven pending applications respectively. Together, they are emerging as the most targeted digital assets for institutional exposure after Bitcoin and Ethereum.

Institutional Interest Remains Strong

The growing momentum around crypto ETFs mirrors increasing institutional interest in digital assets. Recent data shows that digital asset investment products attracted $2.48 billion in inflows last week, reversing a brief period of outflows.

This surge brought total August inflows to $4.37 billion, lifting year-to-date figures to $35.5 billion. Analysts see this as evidence that institutions continue to seek exposure to cryptocurrencies, despite persistent regulatory uncertainty.

If Dogecoin enters the ETF space next week, it could join this wave of investment products and potentially open the door for further inflows tied to retail enthusiasm and institutional experimentation.

Looking Ahead

The debut of a Dogecoin ETF would represent another turning point in the mainstreaming of cryptocurrencies. Once dismissed as a joke, DOGE has steadily evolved into a serious asset, with significant liquidity, a passionate global community, and now, a potential pathway into regulated ETF markets.

Whether the SEC allows REX Shares’ Dogecoin ETF to move forward will become clear in the coming days. For now, the crypto world is watching closely, knowing that a successful listing could not only elevate Dogecoin but also accelerate the acceptance of other altcoin-based ETFs in the United States.