US Launches First Dogecoin ETF Marking Memecoin Investment Milestone

The United States will see its first-ever Dogecoin exchange-traded fund (ETF) launch on September 11, marking a significant milestone for the meme coin's institutional adoption. The Rex-Osprey Dogecoin ETF (ticker DOJE) will operate under the Investment Company Act of 1940, allowing it to bypass some SEC approval hurdles but limiting marketing and distribution compared to more traditional ETFs. Bloomberg ETF analyst Eric Balchunas highlighted that this is the first US ETF to hold an asset with no intrinsic utility, reflecting Dogecoin's origins as a joke and its nature as a speculative memecoin. Despite debate within the Dogecoin community over its utility, the token has gained significant market interest, rallying recently and currently holding a market cap around $36 billion. Meanwhile, other Dogecoin ETF applications, such as Bitwise's, face delays from the SEC, underscoring the regulatory challenges in cryptocurrency fund approvals. The launch of the Dogecoin ETF is part of a broader wave of crypto ETFs, following earlier approvals for Bitcoin and Ether funds, signaling growing mainstream financial market acceptance of digital assets.