Crypto and traditional investors are waiting with bated breath. Bloomberg analyst Eric Balchunas has indicated that REX-Osprey may launch the first-ever U.S. Dogecoin ETF as early as next week. He based this prediction on an X post from September 4 by REX-Shares and their recent filing of an effective prospectus with the Securities and Exchange Commission (SEC).
Innovative Cayman Islands subsidiary structure enables compliance
REX-Shares is utilizing the same regulatory pathway that they used for their Solana staking ETF (SSK). ETF Store president Nate Geraci described this strategy as “a regulatory end-around” that avoids the lengthier Form S-1 and 19b-4 filings.
According to filings, the proposed Dogecoin ETF (expected ticker: DOJE) would gain exposure through a Cayman Islands subsidiary, a structure that mirrors those of their previously filed Trump coin, XRP, Bonk, ETH, and BTC ETFs.
Investor appeal and institutional momentum
Several major asset managers, including Bitwise, Grayscale, and 21Shares, have also filed for Dogecoin ETFs. For example, Bitwise submitted a Form 19b-4 for a spot DOGE ETF in January 2025; Grayscale filed an S-1 in mid-August; and 21Shares has also filed proposals. However, none of these filings have been approved as of mid-2025. And are likely to be delayed until sometime between October 2025 and January 2026.
As for REX-Osprey, they are known for developing multiple blockchain-native ETF offerings. More notable for their SSK (REX-Osprey SOL + Staking ETF), which went live on July 2, 2025. The ETF reached over $100 million in assets under management within just 12 trading days. SSK offers direct spot exposure to Solana (SOL) plus blockchain staking rewards, distributed monthly to investors.
The momentum around crypto and memcoin ETF filings comes as the SEC appears to be moving toward generic listing standards for commodity- and crypto-based exchange-traded products, potentially by late September 2025, which would significantly streamline approval processes under the 1940 Act.
Fund companies are aggressively seeking to cash in on investor appetite by launching exotic ETFs tied to crypto memecoins, NFTs. While there is demand and enthusiasm, analysts have warned about it being highly speculative.