The United States’ first memecoin exchange-traded fund (ETF) is set to debut on Thursday, marking the latest step in the expansion of regulated crypto products after the successful rollout of Bitcoin and Ether funds last year.
In a social media post on Tuesday, Bloomberg ETF analyst Eric Balchunas said the Rex-Osprey Doge ETF (DOJE) has been approved by the US Securities and Exchange Commission (SEC).
“Pretty sure this is the first-ever US ETF to hold something that has no utility or purpose,” Balchunas said.
Balchunas hinted at the potential launch last week under the Investment Company Act of 1940 — a different framework from the Securities Act of 1933, which typically governs grantor trusts that hold physical commodities or derivatives.
Dogecoin (DOGE) rallied ahead of the approval, climbing nearly 13% over the past week, according to CoinMarketCap.
Widely regarded as the first true memecoin, Dogecoin has been trading for more than a decade, building a large investor community and inspiring countless imitators that mirror different facets of crypto culture. Today, it boasts a market capitalization of $36 billion.
