REX Shares Dogecoin ETF Nears Launch Under 40 Act Path

• REX Shares plans a Dogecoin ETF using the 40 Act to bypass slow approval paths.
• REX also filed for an ETF tied to the OFFICIAL TRUMP token under the same path.
• Traditional ETF filings from 21Shares, Bitwise, and Grayscale still await SEC reviews.

REX Shares is preparing to launch the first U.S. Dogecoin exchange-traded fund, DOJE, under the Investment Company Act of 1940. This alternative framework offers a faster and less restrictive path, bypassing the bottlenecks that slow traditional SEC reviews. By leveraging this structure, REX follows the approach used earlier this year to introduce its Solana + Staking ETF, which debuted without delays. Bloomberg analyst said that the Dogecoin ETF, ticker DOJE, could debut as soon as next week following the firm’s effective prospectus filing with the SEC.

In the prospectus, REX noted the risks tied to Dogecoin, describing it as a relatively new innovation exposed to rapid swings, changes, and uncertainty. ETF Store president previously described the 40 Act pathway as a “regulatory end-around” since it avoids the lengthier Form S-1 and Form 19b-4 route. 

Regulatory Strategy and Market Position

Most cryptocurrency ETFs in the United States require issuers to file both Form S-1 and Form 19b-4, processes that involve lengthy reviews. In contrast, the 40 Act fund follows a distinct route that can accelerate approval and listing.

Other issuers, including 21Shares, Bitwise, and Grayscale, remain in limbo with their Dogecoin ETF applications. 21Shares submitted its filing on April 10, shortly after similar attempts from competitors. These remain under SEC review, awaiting changes to exchange rules before any potential approvals. By contrast, REX’s reliance on the 40 Act could allow DOJE to launch without such delays, establishing a new benchmark for meme coin-linked ETFs.

Notably, REX has also filed for another ETF under the same framework, this time linked to the OFFICIAL TRUMP token. That filing proposes a structure in which the ETF would invest through an offshore company that holds the digital asset.

Related: Elon Musk’s Lawyer to Lead $200M Dogecoin Treasury Initiative

Dogecoin Market Conditions and Institutional Appeal

At press time, Dogecoin is trading at $0.2142, reflecting a 121.26% gain over the past year, according to CoinMarketCap. The cryptocurrency holds a market capitalization of $32.31 billion and a 24-hour trading volume of $1.41 billion, down 2.87%. Its circulating supply of 150.81 billion DOGE matches its maximum supply, underscoring its inflationary model.

The yearly chart shows a strong climb from $0.088 in October 2024 to highs above $0.40 in December before retreating into a correction in early 2025. Since June, Dogecoin has stabilized around the $0.20 mark, indicating renewed balance after months of volatility. This recovery aligns with institutional interest in regulated exposure to digital assets, particularly in the case of prominent meme tokens.

With the cultural momentum around Dogecoin and its market recovery, REX is hoping to lure investors interested in structured exposure to the asset. Analysts believe that this introduction may mark a first step in the application of meme coins to regulated financial products. Meanwhile, commentators caution against including speculative tokens in ETFs because it could introduce casino-style trading into the wider capital markets and cast doubt on investor protection.

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