REX and Osprey file for first Dogecoin ETF, DOJE, offering regulated exposure; XRP, BONK, TRUMP ETFs may follow.
REX Shares and Osprey Funds are planning to launch the first Dogecoin exchange-traded fund (ETF). They filed a prospectus with the U.S. Securities and Exchange Commission (SEC) on Wednesday. The new ETF will trade as DOJE. Providing it passes, it would begin trading next week.
ETF Filing Hints at Future Funds for XRP, BONK, TRUMP Tokens
This ETF will provide investors with an opportunity to own Dogecoin in a regulated manner. Dogecoin is considered to be a meme cryptocurrency, which has become popular among numerous investors. It would be the first fund to provide direct exposure to Dogecoin as a public offering. It may appeal to individuals who wish to invest in Dogecoin but not necessarily purchase it.
Related Reading: Grayscale Seeks SEC Approval for Spot Dogecoin ETF | Live Bitcoin News
The filing also refers to other possible ETFs. These are the funds attached to XRP, BONK, and a token named TRUMP. It also includes such well-known cryptocurrencies as Bitcoin (BTC), Ethereum (ETH), and Solana (SOL). According to Bloomberg analyst Eric Balchunas, the Dogecoin ETF may be the first. The others were to follow later, subject to SEC approval.
On the other hand, investors are more willing to invest in crypto ETFs and exchange-traded products (ETPs). The products enable individuals to invest in digital currencies even though they do not own it. ETFs are listed on stock markets and provide a more secure method of crypto-investing. The Dogecoin ETF may be a trendy product since it allows many investors to purchase Dogecoin with ease.
SEC Faces Pressure to Approve More Crypto ETFs Beyond Bitcoin, Ethereum
The interest in digital assets is reflected in other new crypto products. Recently, 21Shares created an ETP that tracks Hyperliquid. Hyperliquid is a decentralized finance solution. This is traded on the SIX Swiss Exchange. It provides institutional investors with controlled access to this rapidly expanding crypto platform.
The approval of the Dogecoin ETF by the SEC will be a major step towards investing in cryptocurrencies. The SEC has taken its time in giving ETFs approval to cryptocurrencies other than Bitcoin and Ethereum. The dogecoin has not been taken seriously since it began as a joke. However, as interest among investors increases and the rules become more transparent, the SEC may approve this fund.
The SEC has the last word. A lot of people are looking forward to the Dogecoin ETF being approved next week. Other crypto ETFs may be in line should it be the case. This will result in additional channels through which investors will be able to access various cryptocurrencies.
In brief, REX Shares and Osprey Funds are on the verge of launching a Dogecoin ETF dubbed DOJE. The fund may begin trading shortly with a regulated exposure to Dogecoin. It also includes filing plans associated with ETFs based on XRP, BONK, TRUMP, Bitcoin, Ethereum, and Solana. The move indicates an increasing interest in crypto ETFs and has the potential to alter the way investors purchase cryptocurrencies.
