Dogecoin (DOGEUSD) began in 2013 as a tongue-in-cheek response to the growing seriousness of the crypto space. Today, it is one of the biggest crypto projects out there, with its market capitalization ranked 8th. In terms of name recognition, DOGE is within the top three cryptocurrencies, especially after Elon Musk popularized it by renaming a government service after it.
Analysts now think a DOGE ETF is imminent. Rex Shares and Osprey Funds are expected to launch a Dogecoin ETF under the ticker “DOJE.” The fund has been structured as an Investment Company Act of 1940 product. This path sidesteps the lengthy 19b-4 process used for spot Bitcoin (BTCUSD) and Ethereum (ETHUSD) ETFs. The SEC has already declared the prospectus effective for today, Sept. 9, 2025. On Polymarket, bettors peg the chance of a Dogecoin ETF approval this year at 91%.
History suggests the debut of a regulated ETF can re-rate an asset. Bitcoin delivered ~161% in gains since the first spot ETF was approved by the SEC in January 2024. Institutions and individuals have been hoovering up BTC as more spot ETFs came online. Holding spot Bitcoin ETFs in your 401(k)s is now more tax-friendly than holding them in a wallet.
Ethereum has also been soaring after ETH spot ETFs were approved, though it is a bit late to the party. Only in the past few months has it been outperforming BTC.
Dogecoin’s first ETF is expected to start trading today, but there’s a crucial caveat:
It’s not a spot ETF.
As such, I don’t expect DOGE to benefit significantly from it.
The new “DOJE” ETF will use futures contracts and swaps without holding the actual digital asset. These contracts are essentially agreements to buy or sell the crypto at a predetermined price on a future date, and the ETF’s share price will move in tandem with the value of those derivatives.
It will not directly drive up Dogecoin’s spot price, as there will not be any buying of the crypto itself. It will simply be indirect and speculative inflows if the ETF does attract significant interest.
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