The first fund quoted by exchange (ETF) Built around a meme coin could reach the market this week, after multiple delays and many speculations.
The ETF Doge-formally called ETF of Rex Shareds-Osprey Dogecoin (Doje) -Originally it was scheduled to debut last week, along with a handful of politically thematic ETFs and related to cryptographic. Those including funds linked to Bonk XRP, Bitcoin and even a Trump thematic background. But Doje’s debut never materialized.
Now, Bloomberg Etf Eric Balchunas and James Seyffart analysts believe that Wednesday is the most likely launch date, although it does not warn anything safe.
“It’s more likely not,” said Seyffart. “That seems the base case.”
Before the introduction of the ETF, Dege has been among the best in the last month, ahead of 15%, even including a 3.5% decrease in the last 24 Horus.
If it is launched, Doje would mark a milestone like the first ETF of the United States to focus on a currency of memes, cryptocurrencies that generally lack utility or a clear economic purpose. These include tokens such as Dogecoin, Shiba Inu And Bonk, which often increases in popularity thanks to Internet culture, celebrity endorsements and speculative trade.
Balchunas described the meaning of Doje in a publication on X: “First ETF of the USA. UU. To sustain something that has no use on purpose.”
Doje is not a spot ETF. That means you will not keep Doge directly. On the other hand, the fund will use a subsidiary based in the Cayman Islands to obtain exposure through futures and other derivatives. This approach avoids the need for the physical custody of the currency and at the same time offers merchants a way of betting on their performance within a traditional brokerage account.
The ETF was approved earlier this month under the 1940 investment companies, which is generally used for diversified mutual funds. That distinguishes it from the Bitcoin ETF wave that received green lights under the 1933 Securities Law, a framework used for products based on basic products and asset by assets. In short, Doje is structured more as a mutual background than a basic products trust.
The most direct exposure can come soon. Several companies have submitted applications to launch Spot Doge ETFs, which would maintain the meme coin instead of derivatives. These requests are still under review by the United States Stock Exchange and Securities Commission. (SECOND)which has become more comfortable with cryptographic ETF since it approved a list of Bitcoin products in early 2024.
The broader cryptographic market has shown that investors’ demand can exceed fundamental criticism. Memes currencies have long drawn skepticism for not having a underlying value or case, but that has not prevented them from attracting billions in speculative capital.
Seyffart said that the ETF market is likely to continue the same path. “There will be a lot of products like this, whether you love or need it, they will come to the market,” he said.
He added that many existing financial products do not have a deeper purpose than to provide a vehicle for short -term bets. “There are many products that are only being used as a game or trade in the short term,” he said. “Then, if there is an audience for this in the cryptographic world, I would not be surprised at all if this finds a audience in the ETF and tradfi world.”
If Doje ETF opens the door to more meme coins funds, or simply demonstrates that the concept is viable, it can depend on how the market responds this week. In any case, it points out a new phase in the merger of Internet culture and traditional finance.
