According to Bloomberg analyst Eric Balchunas, the first US exchange-traded fund directly linked to Dogecoin is set to launch on Thursday, September 11th.
In a recent update on X on September 9th, Balchunas mentioned that Rex-Osprey’s upcoming DOGE ETF (ticker: DOJE) marks the beginning of what he calls the “memecoin ETF era.”
He highlighted the fund’s unconventional nature, pointing out that it will be the first US ETF specifically designed to hold an asset “with no utility on purpose.”
DOJE ETF
This news comes shortly after Rex-Osprey filed for the ETF with the US Securities and Exchange Commission (SEC).
The expedited approval process is attributed to DOJE being registered under the Investment Company Act of 1940, which accelerates approval compared to the standard 19b-4 process for spot crypto ETFs.
The fund is structured as a C-corporation, offering exposure to DOGE through a subsidiary in the Cayman Islands.
Notably, the same structure was utilized for the Staking Solana Fund (SSK), showcasing the firm’s proficiency in navigating this setup.
Despite its efficiency, some investors express skepticism regarding potential double taxation concerns associated with this approach.
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Nonetheless, this approach enables issuers to expedite the process, while competitors may face delays when applying through the Securities Act of 1933 route.
DOGE treasury firm
Concurrently, a significant corporation has adopted Dogecoin for its digital asset treasury strategy.
On September 8th, CleanCore Solutions, Inc., a NYSE American-listed company, announced its acquisition of 285.4 million DOGE worth $68 million. This purchase positions CleanCore as the largest Dogecoin treasury holder to date.
According to CleanCore, this acquisition is the initial phase in their plan to accumulate one billion DOGE within a month and eventually secure 5% of the token’s circulating supply.
The Dogecoin Foundation and its corporate division, House of Doge, support this initiative. Their strategy positions DOGE as a digital asset for payments, tokenization projects, staking products, and cross-border transfers.
To facilitate custody and execution for the new treasury, the House of Doge announced a partnership with Bitstamp USA, now operating under Robinhood (NASDAQ: HOOD). The Official Dogecoin Treasury will be managed on Bitstamp by Robinhood’s platform, enhancing transparency and stability while paving the way for yield-bearing products that could increase Dogecoin’s presence in mainstream finance.
