Dogecoin Inches Closer to Wall Street With ETF Set for Launch This Week

Core Insights - The first exchange-traded fund (ETF) focused on a meme coin, the Rex Shares-Osprey Dogecoin ETF (DOJE), is expected to launch soon after delays [1][2] - DOGE has performed well recently, showing a 15% increase over the past month despite a 3.5% decline in the last 24 hours [2] - DOJE will not hold DOGE directly but will use a Cayman Islands-based subsidiary to gain exposure through futures and derivatives [3] ETF Structure and Approval - DOJE was approved under the Investment Company Act of 1940, distinguishing it from bitcoin ETFs approved under the Securities Act of 1933 [4] - This structure aligns DOJE more closely with mutual funds rather than commodity trusts [4] Future Developments - There are ongoing applications for spot DOGE ETFs that would hold the meme coin directly, currently under review by the U.S. Securities and Exchange Commission (SEC) [5] - The SEC has shown increased comfort with crypto ETFs following the approval of several bitcoin products in early 2024 [5] Market Context - The broader crypto market indicates that investor demand can surpass fundamental critiques, as meme coins continue to attract significant speculative capital despite skepticism regarding their underlying value [6]