美国Dogecoin ETF将于周四启动为有史以来的首次Memecoin基金

What’s Happening on Thursday?

The United States will see its first-ever memecoin exchange-traded fund (ETF) debut on Thursday with the launch of the Rex-Osprey Doge ETF (DOJE). The fund is designed to track Dogecoin, the internet-inspired cryptocurrency that has become a cultural mainstay despite its origins as a joke. Bloomberg ETF analyst Eric Balchunas confirmed the launch on social media, calling it “the first-ever US ETF to hold something that has no utility or purpose.”

The fund is structured under the Investment Company Act of 1940, a different regulatory framework than the Securities Act of 1933 typically used for commodity-based grantor trusts such as Bitcoin ETFs. The launch underscores how regulators are experimenting with new categories of crypto-linked financial products.

Investor Takeaway

The DOJE ETF signals that even speculative assets like Dogecoin are entering regulated investment vehicles, broadening crypto’s institutional footprint but highlighting investor appetite for risk.

Why Dogecoin, and Why Now?

Dogecoin, created in 2013, is widely regarded as the first true memecoin. Despite its lack of intrinsic utility, it has sustained a large community and a $36 billion market capitalization. Dogecoin rallied 13% in the past week ahead of the ETF approval, reflecting heightened retail and institutional interest.

The launch comes on the heels of successful Bitcoin and Ether ETFs in 2024. Those funds attracted tens of billions of dollars in inflows, cementing digital assets’ place in mainstream financial markets. For many investors, Dogecoin’s inclusion in an ETF represents recognition that even meme-driven tokens have demand strong enough to support a regulated product.

How This Fits Into the ETF Pipeline

The U.S. Securities and Exchange Commission (SEC) approved the Rex-Osprey Doge ETF while weighing a flood of other applications. Bloomberg’s James Seyffart reported that 92 crypto ETF proposals are currently in the pipeline, covering assets from Solana to XRP. The memecoin ETF marks the beginning of what analysts expect to be a new wave of approvals.

For context, the first wave of ETFs concentrated on Bitcoin and Ether. Bitcoin ETFs became one of the most successful launches in history, while Ether funds, after a slow start, have seen strong inflows in 2025. The memecoin ETF extends this trend, albeit into far more speculative territory.

Investor Takeaway

Dogecoin’s ETF debut could spark fresh demand for memecoins, but it also tests whether speculative tokens can sustain investor interest once wrapped in regulated products.

What’s Next for Crypto ETFs?

The SEC’s evolving approach reflects broader political shifts. Under the Trump administration, regulators have signaled openness to tokenization and clarified that certain liquid-staking activities fall outside securities law. This regulatory thaw has accelerated institutional adoption and created a runway for new products.

Looking forward, analysts expect ETFs for Solana, XRP, and other tokens to follow. Whether memecoin ETFs prove more than a novelty will depend on how much capital they attract compared with Bitcoin and Ether funds. For now, Dogecoin’s entry into the ETF arena underscores crypto’s widening integration into traditional finance, even at its most speculative edges.