The first Dogcoin Exchange Sales Fund might be introduced in the US as soon as next week, as reported by Bloomberg analyst Eric Balknas.
Balknas noted in a post on X that Rex is poised to launch a Doge ETF through the 40 Act. This move involves filing a prospectus with the US Securities and Exchange Commission (SEC).
In the prospectus, Rex acknowledged that Dogecoin is relatively new and carries unique risks, emphasizing that the Doge market can experience rapid price changes, along with uncertainties.
In the past year, the value of Dogecoin has surged by 116.67%. However, there was a drop of 54% from its peak of $0.4672 in December, with the current trading price at $0.2129.
Rex is taking a different regulatory approach
While most Crypto ETFs need issuers to complete Form S-1 and Form 19B-4 with the SEC, the 40 Act fund uses a different pathway, similar to the method Rex used for the launch of its Solana Staking ETF.
Nate Geraci, president of ETF Store, referred to the 40 Act strategy as a kind of “regulatory end-around.”
Meanwhile, ETF publishers pursuing traditional options are still awaiting decisions from the SEC. On April 10, 21Shares put forth an application for a Dogcoin ETF soon after similar submissions from Bitwise and Grayscale.
Additionally, Rex has filed for an ETF that tracks official Trump, which would invest in stocks of offshore companies holding tokens.
Dogecoin has garnered significant media attention
Even individuals who aren’t crypto investors might recognize Dogecoin, which has captured mainstream media focus for several years.
Elon Musk has famously been linked to the coin, referring to himself as the “Dogefather” and describing the token as “Hustle” during a Saturday Night Live appearance in 2021.
Recently, Musk’s attorney, Alex Spiro, is set to lead a new public company aiming to raise $200 million for investment in Dogecoin.
