Rex Shares says he is preparing to list what he calls the first American ETF of Dogecoin, teasing the product on X even if several SPOT DOGE ETF applications remain pending the Securities and Exchange Commission. Via X, Rex Shares wrote on Wednesday: “Rex-Osprey ™ Doge Etf, Doje, arrives soon! Doje will be the first ETF to offer an exhibition of investors to the performance of the emblematic same, Dogecoin. From Rex-Osprey ™, the team behind $ SSK, the first ETF Sol + Staking.
The product dates back to a dry deposit of January 21, 2025 for a series of Crypto funds as part of the ETF Opportunities Trust, which included an ETF Rex-Osprey Doge alongside BTC, ETH, Sol, XRP, Bonk and Trump-Token. In this registration, the Doge Fund’s mandate is explicit: it “is looking for investment results, before costs and expenses, which correspond to the performance of Dogecoin”.
Can Rex-Osprey first launch his Dogecoin ETF?
The apparent paradox – How Rex can “launch” an ETF Doge while the ETP Dogecoin are still in the dry queue – goes to the structure. Most of the proposals DOGE in the files are concilious trust based on raw materials or similar vehicles which require a change of exchange rule under the SECURITIES EXCHANGE ACT (a so-called 19B-4) before being able to list them.
Bitwise, for example, deposited to list an ETF of Dogecoin on Nyse Arca via this path, and Nasdaq has a proposal pending to list the 21Shares Dogecoin Etf. On the other hand, the DOGE product of Rex is found in an Open-End Trust ETF of 1940, which records under the law on investment companies via a post-efficiency amendment (form 485 (a)) and, if the registration is effective and that an exchange accepts the list of generic standards ETF, can happen on the market without waiting for an order 19B-4.
It is the same Rex and Osprey game book used to put their ETF Solana + Staking on the market in July. Basically, the structure is similar to the functionality of FNBs in the long term.
The January prospectus also explains the functioning of the exhibition. The Doge Fund will invest “at least 80%” of Dogecoin assets or instruments offering exposure to DOGE and can use “derivatives”, including future and swaps. Like the other Rex -Osprey funds, it relies on a subsidiary of Cayman in exclusive property – the “Rex -Osprey Doge (Cayman) Portfolio sp” – to occupy certain positions; The investment of the ETF parent in this submarine is capped at 25% of the total assets to preserve the tax treatment of regulated investment companies (RIC).
In clear terms, it is an ETF ’40 -CT which aims to reflect the price of DOGE, using a direct exposure mixture (including via the Cayman submarine) and, if necessary, derivatives.
Meanwhile, the “traditional” Doge race is active but unresolved. The NYSE Arca deposit for an ETF of Dogecoin and Nasdaq’s proposal on an ETF of 21Shares, ETF is both on the public file, and Grayscale submitted an S-1 to list a Dogecoin fund in mid-August. These products would be basic products requiring a change of exchange rule before trading can start, hence the longer calendar.
In particular, there is also a clear precedent for Rex to find a regulatory niche: on July 2, 2025, the Rex-Osprey Solana + ETF de Sillat (Ticker SSK) listed on CBOE as a ’40 -Act funds which go through native rewards to shareholders. CBOe’s own registration page briefly describes it: the fund is looking for Solana’s performance “More staging awards associated with the reference assets”.
The release of Rex announced it as “the first ETF listed in the United States to give investors an exhibition in Solana … as well as implementation awards” in brokerage accounts. This was possible because the active ingredients and mechanisms are part of an ETF ÉF ’40 -Act increased by a subsidiary of Cayman and – in the first months of SSK – a C -Corp tax wrapper which has since been converted into RIC status.
The parallels – up to a point – are real. Rex again uses the ETF ’40 -Act chassis, the Opportunity ETF Trust Umbrella and Cayman Subs up to pursue an exposure to a single drawback without waiting for a new 19B-4 approval. But an important difference is technical and conclusive: Dogecone is a cryptocurrency of evidence of work (merged with Litecoin), there is therefore no native yield to pass.
Regarding timing and status, Rex’s X Post is a teaser, not a notice of efficiency. The file of January 21 is a prospectus subject to completion; The dry should allow the registration to go effective and an exchange must accept the list.
In addition, the SEC also weighs the “generic” inscription standards for ETPs based on products and crypto – trains which, if adopted, could rationalize the new crypto lists in general – although these proposals are independent of the REX ’40 path. In short, REX can be plausibly precisely precisely because it does not expect a specific 19B-4 approval to DOGE, but the fund always needs its registration to erase and a place of registration to display a negotiation date.
At the time of the press, DOGE exchanged $ 0.2165.
Star image created with dall.e, tradingView.com graphic
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