DOGE Listed on ETF in America: Questions About "Real-World Use"

On September 11, 2025, the ETF fund with the code DOJE officially began trading in America. This fund was issued by REX-Osprey, opening up an opportunity for American investors to access Dogecoin (DOGE) in a managed way, without needing to directly hold this cryptocurrency. FIRST ETF HOLDING “NON-UTILITARIAN ASSETS”? Eric Balchunas, a senior ETF analyst at Bloomberg, drew attention when he stated that DOGE is the first ETF in America to publicly hold an asset that its own community also acknowledges “has no practical use.” He further challenged the Dogecoin community to point out clear cases where DOGE is used outside of trading and community culture.

Some DOGE supporters cite limited payment experiments and acceptance from some merchants. Others emphasize the long history of media coverage, social attention, and community strength of this memecoin. WHY IS “UTILITY” IMPORTANT FOR INVESTORS? Typically, investors look for assets that can be valued based on actual usage demand. For example: Bitcoin (BTC): is viewed as “digital gold” for value storage. Ethereum (ETH): serves as a platform for smart contracts and DeFi. In contrast, with DOGE, the practical utility is still limited. When lacking factors such as widespread payment, network governance, or fuel for decentralized applications, the price of DOGE is often primarily influenced by news, trends, and market sentiment. This makes risk assessment more difficult, especially for investment portfolios that require stability and predictability.

However, some experts believe that the brand, liquidity, and community strength can still maintain the appeal of DOGE, at least in the context of a favorable market. LEGAL ROADMAP “DIFFERENT” Notably, DOJE is issued under the Investment Company Act of 1940 (Investment Company Act of 1940), rather than the Securities Act of 1933 (Securities Act of 1933), which is commonly seen in crypto-related ETF funds. This legal pathway entails distinct compliance and custody requirements, drawing significant attention from observers. This is also one of the few crypto ETF funds that opt for this structure, especially for an asset characterized as a “memecoin.” IMPACT ON INVESTORS AND THE MARKET The listing of DOJE may create a divergence in the perceptions of organizations and investors: Some may see this as an opportunity to diversify their portfolio, taking advantage of the community appeal of DOGE. On the contrary, many will be cautious before the big question: What value does Dogecoin really bring beyond the attention? Clearly, the DOGE ETF is not just a new financial product, but also a test for the market: Can a cryptocurrency that lacks a clear utility but is rich in symbolism and community maintain long-lasting appeal in the traditional financial system?