The first funds exchanged by the exchange (ETF) Built around a coin meme could hit the market this week, after many delays and many speculation.
Doge ETF-formally called Rex Shares-osprey Dogecoin ETF (Like) -I was originally set to debut last week, in conjunction with a small political theme and crypto-related Crypto related to ETFs. The included funds tied to bonk XRP, Bitcoin And even a Trump -themed fund. But Doje’s debut has never been materialized.
Today, Bloomberg ETF analysts Eric Balchunas and James Seyffart believe that Wednesday is the most likely launch date, even though they are not careful.
“It’s more likely than not,” Seyffart said. “That sounds like a base case.”
At the forefront of the ETF introduction, dog was among the leading performers in the last month, earlier 15% even including a denial of 3.5% in the past 24 horus.
If launched, Doje would mark a milestone as the first US ETF dedicated to a coin meme – cryptocurrencies that generally lack the utility or a clear economic goal. This includes tokens such as Dogecoin, Shiba Inu and Bonk, who often progresses to fame thanks to Internet culture, popular celebrities and imaginary trading.
Balchunas described Doje’s importance in a Post To X: “First-ever US ETF has held something that has no purpose in purpose.”
Doje is not a ETF area. This means that the Doge will not hold it directly. Instead, the fund will use a subsidiary based on the Cayman Islands to obtain exposure through futures and other derivatives. This method covers the need for physical care for the coin while still offering traders a way to bet its performance within a traditional broker account.
The ETF was approved earlier this month under the Investment Company Act of 1940, which is commonly used for both funds and sari -various ETFs. That sets it out of the wave of bitcoin ETFs who received green lights under the Securities Act of 1933, a plot used for commodity and property-based products. In short, the doje is structured similar to a fellow fund than a commodity trust.
More direct exposure may come as soon as possible. Many companies have filed applications to launch Spot Doge ETF, which will hold the meme coin itself rather than derivatives. These applications are still evaluated by the US Securities and Exchange Commission (Sec)which has grown more comfortable with Crypto ETFs from approved a slate of bitcoin products in early 2024.
The broader crypto market has shown that investor demand may exceed major critics. The coin memes have long drew the doubt for the underlying value or use of the case, but it does not prevent them from drawing billion -billions of speculation -of -capital.
Seyffart said the ETF market is likely to follow the same path. “There will be a group of products like this, whether you love it or need them, they will go to the market,” he said.
He added that many existing financial products serve a deeper goal than providing a vehicle for short -term bets. “There are many outside products used only as gambling or short -term trade,” he said. “So if there is an audience for it in the world of crypto, I wouldn’t be surprised at all if it finds an audience in the ETF and Tradfi world.”
If the Doje ETF opens the door to more meme coin funds – or simply proves that the concept will survive – it may depend on how the market responds this week. Either way, it implies a new phase in the integration of Internet culture and traditional finances.
