The US’s first Memecoin Exchange-Traded Fund (ETF) is scheduled to debut on Thursday, marking the latest step in expanding regulated crypto products after successful deployments of Bitcoin and Ether Funds last year.
In a social media post Tuesday, Bloomberg ETF analyst Eric Balknath said the Rex-Soprey Doge ETF (DOJE) is scheduled to debut on Thursday.
“I’m sure this is the first US ETF to hold something without utility or purpose,” Bulknath said.
Baltunas suggested a potential launch last week under the Investment Companies Act of 1940. This is a different framework from the Securities Act of 1933, and normally governs a grant trust that holds physical goods or derivatives.
According to CoinmarketCap, Dogecoin (Doge) rose almost 13% in the past week prior to approval.
Widely considered the first true memo coin, Dogecoin has been trading for over a decade, building a large investor community and inspires countless copycats that reflect different aspects of crypto culture. Today it boasts a market capitalization of $36 billion.
The inclusion in ETFs underscores the growing awareness that even Mimecoin can attract institutional interest.
Related: Spot ETFS bleeding billion dollars in six-day outflow streaks as rate-cut optimism fades
Some cryptographic ETFs are in the pipeline
The SEC approval of the Rex-Sosprey Doge ETF weighs regulators’ numerous other crypto-focused exchange-sold products spanning assets ranging from Dogecoin to Solana (SOL) and XRP (XRP). Bloomberg ETF analyst James Seyfert said last month that 92 such proposals are currently in the pipeline.
The first wave of cryptographic ETFs focused on Bitcoin (BTC) and Ether (ETH). The launch of the Spot Bitcoin ETF in early 2024 was particularly notable, ranking it as the hundreds of billions of dollars inflows and the most successful ETF rollout on record. After the start was late, demand for ether funds has also increased significantly this year.
The anticipated wave of new crypto ETFs follows the shift in the SEC’s approach to digital assets under US President Donald Trump. In addition to signaling tokenization as a financial innovation, the agency also made clear that certain liquidity areas activities are outside the scope of the securities law.
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