Pioneering Dogecoin ETF in the US Could Launch Imminently—What Are the Potential Price Implications?

The United States may witness the debut of its first exchange-traded fund offering exposure to Dogecoin (DOGE) as early as next week. This development follows the ETF Opportunities Trust’s submission of a post-effective amendment, setting September 9, 2025, as the effective date for a range of single-coin funds, including the REX-Osprey DOGE ETF (ticker: DOJE). The filing, referred to as Post-Effective Amendment No. 367, explicitly mentions the DOGE fund alongside proposed TRUMP, BTC, XRP, and BONK funds, stating that the amendment “designates September 9, 2025 as the new effective date” for these products.

Imminent Launch of Dogecoin ETF

Market anticipation reached new heights following a teaser from the issuer. On Wednesday, REX Shares announced: “The REX-Osprey DOGE ETF, $DOJE, is on the horizon! DOJE will pioneer as the first ETF providing investors exposure to the performance of the iconic memecoin, Dogecoin.” Shortly after, Bloomberg’s Eric Balchunas added to the excitement, noting: “It appears Rex is set to launch a Doge ETF via the 40 Act, similar to $SSK, next week based on the tweet below combined with their recent filing of an effective prospectus. Doge seems to be taking the lead in this rollout.”

The near-term viability of DOJE stems from its structure. Rather than following the “commodity ETP” route (which typically necessitates a specific 19b-4 exchange rule modification), DOJE is incorporated within a '40-Act open-end ETF registration under the ETF Opportunities Trust—the same framework REX-Osprey employed for listing its Solana fund (SSK) earlier this summer.

The trust’s January 21, 2025 prospectus includes a comprehensive DOGE fund section, outlining its investment objective to track Dogecoin’s performance. It also discloses that the fund may utilize derivatives (including swaps) and a wholly owned Cayman subsidiary—the REX-Osprey DOGE (Cayman) Portfolio S.P.—to hold positions, subject to a 25% cap for the subsidiary to maintain RIC tax treatment.

REX-Osprey’s SSK serves as the immediate precedent. This fund, listed in early July under a '40-Act framework, swiftly attracted assets and trading activity. Reports indicated the Cboe listing, approximately $20 million in first-day trading volume, and the fund’s position as the inaugural US ETF offering direct Solana exposure plus staking rewards. Notably, SSK surpassed $100 million in AUM within weeks.

The September 9 effectiveness designation is crucial before a listing venue can announce a trading date, supporting the “next week” launch expectation highlighted by Balchunas. Interestingly, the same filing block references additional single-coin funds—TRUMP, XRP, BONK, BTC—suggesting a broader portfolio beyond DOGE.

Potential Impact of the Dogecoin ETF on Price

ETFs can influence spot markets through primary-market creations and redemptions when net inflows require the sponsor (or authorized participants) to source the underlying exposure. While attribution is never straightforward in crypto, Solana’s spot price increased by approximately 34% from around $152 on July 3, 2025 (the day after SSK’s launch window) to roughly $204 today, with SSK rapidly accumulating over $100 million in AUM during its initial weeks.

This precedent could be directionally relevant for DOGE if DOJE lists and attracts sustained creations. In such a scenario, the fund complex and its authorized participants would need to acquire DOGE coins or DOGE-linked exposures—through spot purchases, swaps, or other instruments—to meet primary-market demand, potentially constraining available float at the margin.

It’s worth noting that SOL has significantly deeper liquidity, with more than triple the market capitalization and trading volume of DOGE. Additionally, DOGE remains more retail-driven, which could potentially amplify the magnitude of any ETF-related impulse. Nevertheless, the mechanism remains similar: net inflows generate net purchases of the reference asset, and secondary market visibility can expand the investor base beyond native crypto platforms.

As of the time of writing, DOGE was trading at $0.216.

Disclaimer: This information is provided for educational purposes only. Historical performance does not guarantee future results.