The primary Dogecoin exchange-traded fund may launch in the USA as early as subsequent week, in keeping with Bloomberg analyst Eric Balchunas.
“Seems like Rex goes to launch a Doge ETF through the 40 Act a la $SSK subsequent week based mostly on under tweet mixed w how they simply filed an efficient prospectus,” Balchunas stated in an X submit on Thursday, pointing to exchange-traded fund (ETF) issuer REX Shares submitting a prospectus with the US Securities and Trade Fee (SEC).
Within the prospectus submitting, REX warned that “DOGE is a comparatively new innovation and is topic to distinctive and substantial dangers. The marketplace for DOGE is topic to fast worth swings, adjustments and uncertainty.”
Over the previous 12 months, Dogecoin (DOGE) has surged 116.67%, in keeping with CoinMarketCap. Nonetheless, it’s down 54% from its 2024 excessive of $0.4672 in December, buying and selling at $0.2129 on the time of publication.
REX is taking the “regulatory end-around” pathway
Most crypto ETFs require issuers to file Type S-1 and Type 19b-4 with the SEC, whereas a 40 Act fund follows a special route and is identical method REX Shares used to launch its Solana staking ETF.
ETF Retailer president Nate Geraci beforehand described the 40 Act technique as “a regulatory end-around.”
ETF Issuers pursuing the standard route are nonetheless awaiting choices from the SEC. On April 10, 21Shares submitted a submitting proposing to launch a Dogecoin ETF, shortly after related functions from rivals Bitwise and Grayscale.
In the meantime, REX has additionally filed for an ETF that tracks OFFICIAL TRUMP (TRUMP) underneath the 40 Act, which might purchase shares in an offshore firm that holds the token.
Dogecoin has continued to draw mainstream media consideration through the years
Even those that have by no means invested in crypto are doubtless acquainted with Dogecoin, which has captured mainstream consideration for years.
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Billionaire Elon Musk has lengthy been related to the coin, even referring to himself because the “Dogefather” and calling the token “a hustle” throughout a 2021 look on Saturday Night time Stay.
Extra not too long ago, Musk’s lawyer, Alex Spiro, was reported by Fortune to be chairing a brand new public firm searching for to boost $200 million to put money into Dogecoin.
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