The first U.S. ETF that tracks Dogecoin (DOGE) is expected to start trading on Thursday, September 11, 2025, according to Bloomberg analyst Eric Balchunas. The development would provide institutional investors a regulated vehicle for exposure to a token associated with meme culture. Balchunas outlined product specifics and a legal setup that could influence the exact timing window for launch.
Context and impact
Balchunas said the offering corresponds to the Rex Osprey product (Rex Shares/Osprey) under the ticker DOJE, with an anticipated start date of trading on September 11, 2025. He framed the news as opening a regulated path to DOGE exposure, while noting the ongoing debate between market demand and perceived technical utility.
- Start date: September 11, 2025 (according to Eric Balchunas).
- Issuer: Rex Osprey / Rex Shares — expected ticker — DOJE.
- Legal structure: “40 Act structure” to quicken launch.
- Debate: visibility and demand versus lack of technical utility according to the analyst.
Legal framework: the “40 Act structure”
The issuer is using the “40 Act structure” to accelerate market entry compared to other routes. A brief definition in this context describes a regulatory fund framework that allows vehicles to launch as investment funds under the Investment Company Act of 1940. This legal mapping changes how products register and are marketed versus traditional ETFs, and, according to the analyst, can alter the timing window for the launch.
Market implications and debate
The introduction of a DOGE ETF would allow standard institutional and retail access via brokers and regulated platforms. It could also increase volatility due to potential flow concentration and the use of leverage in linked derivatives. Balchunas added an observation on the asset, stating, “Pretty sure this is the first ever US ETF to hold something that has no utility on purpose,” underlining the tension between DOGE’s large community and media visibility, including association with Elon Musk, and the absence of the same utility narrative seen in other crypto assets. If DOJE debuts on the indicated date, it could prompt filings and product strategies for other altcoins with big communities.
The upcoming event is the estimated start of trading on September 11, 2025. Its realization will help determine market flows and interest in similar vehicles, with statements attributed to Eric Balchunas and coverage aggregated by outlets that reported his remarks. Sources: Cointelegraph, Mitrade, CoinGape.
