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First US ETF With No Utility
The era of meme coin-based ETFs in the world’s largest economy is upon us.
In a Tuesday X post, Bloomberg ETF analyst Eric Balchunas revealed that the Rex-Osprey Doge ETF, which will trade under the ticker DOJE, is set to make its debut on Thursday.
“Pretty sure this is the first-ever US ETF to hold something that has no utility or purpose,” Balchunas said.
DOJE will debut in U.S. markets under the Investment Company Act of 1940, similar to the SSK fund structure. The ETF will hold DOGE, a meme coin designed without intended utility beyond speculation and culture, distinguishing it from other cryptocurrencies that serve specific blockchain functions.
 
Widely considered the OG memecoin, Dogecoin has been trading on exchanges for more than ten years, creating a huge investor community and inspiring numerous copycats that mimic various aspects of crypto culture.
DOGE currently boasts a market capitalization of $36.2 billion. The seminal meme coin was changing hands at $0.2401 as of press time, reflecting a meagre 0.6% gain on the day, according to CoinGecko data.
Whether the imminent launch of the first Dogecoin-based ETF in the US this week is the catalyst for DOGE price to finally rocket past the highly coveted $1 mark remains to be seen.
More Crypto ETFs Await SEC Decision
The Securities and Exchange Commission’s approval of the $DOJE ETF comes as the agency is weighing dozens of different types of crypto ETFs, from ones tracking Solana (SOL) to Ripple’s XRP and Official Trump in the wake of a friendlier presidential administration.
The SEC’s crypto outlook has changed remarkably over the past year, specifically when it comes to ETFs. In July, the regulator voted to greenlight in-kind creations and redemptions by authorized participants for crypto ETFs. The agency also then allowed applications looking to list and trade dual spot Bitcoin and Ethereum funds.
The SEC has also clarified that some crypto liquid staking activities do not constitute securities offerings, a key step in the commission’s ongoing effort to provide clearer guidance on digital asset regulation.