Meme Goes Mainstream: Debut of Regulated Memecoin ETF Connects Crypto with Wall Street

The REX-Osprey

ETF (DOJE), which is the first exchange-traded fund in the U.S. dedicated to a , launched its trading activities on Thursday, September 18, 2025. This launch represents a notable step forward in the development of cryptocurrency investment options. In contrast to most ETFs that are based on assets with inherent value or revenue, DOJE is designed as a regulated fund that grants investors access to Dogecoin (DOGE), a digital currency initially created as satire and lacking fundamental economic use. This unique offering is the first of its kind to bring a memecoin to the U.S. regulatory investment landscape, indicating rising institutional participation and a wider embrace of digital assets in mainstream finance.

The approval for the DOJE ETF came through the Investment Company Act of 1940, rather than the more commonly used Securities Act of 1933. This allowed the ETF to bypass the standard, lengthy approval timeline that traditional commodity ETFs such as

or Ether typically face. With this structure, DOJE was able to start trading immediately while adhering to requirements on diversification, oversight, and investor safeguards. The fund is operated by Shares in conjunction with Osprey Funds, utilizing the same regulatory framework as the REX-Osprey SOL Staking ETF (SSK) that was introduced earlier in 2025. By relying on the 1940 Act, DOJE sidesteps the often-protracted 19b-4 process that can stall the debut of other cryptocurrency ETFs.

With its arrival, DOJE is poised to transform the memecoin investing scene by delivering regulated access to both large institutional players and individual investors. Major investors, such as pension plans and regulated institutions, are now able to gain DOGE exposure without the need to directly own the asset or navigate the intricacies of cryptocurrency platforms. This facilitates new liquidity and steadiness for Dogecoin, which may help dampen its notorious price swings while boosting mainstream adoption. Jordan Jefferson, DogeOS’s CEO, states that an influx of institutional money enhances ecosystem liquidity and stability, especially as more apps and games are built on platforms like DogeOS.

The introduction of DOJE also mirrors wider movements in the crypto landscape, where there are still over 90 crypto ETF proposals awaiting review by the U.S. Securities and Exchange Commission (SEC), including applications for

and funds. REX Shares has submitted further filings, including for a TRUMP Coin spot ETF based on Solana, highlighting surging interest in memecoins and alternative digital currencies as investment products. The green light for DOJE under the 1940 Act could open doors for other ETFs, particularly those seeking to track memecoins or less conventional crypto assets with speculative qualities.

On its first trading day, DOJE reportedly achieved volumes exceeding $2.5 million, according to Bloomberg’s Eric Balchunas—an encouraging launch for a new fund. Nevertheless, because DOJE is structured under the 1940 Act, its appeal may be narrower compared to 1933 Act ETFs, which benefit from more flexible

rules. Still, the debut of DOJE highlights the increasing integration of digital assets into regulated finance, with leading exchanges like Nasdaq voicing approval for the SEC’s recent reforms aimed at expediting crypto ETF launches. The updated policies, which cut the listing review time from 240 days to as few as 75, are anticipated to speed up approvals for other pending crypto ETFs.

DOJE does

add new features to Dogecoin itself but offers a compliant and structured way for investors to gain exposure to the asset. As the country’s first spot DOGE ETF, it enables investors to access Dogecoin via traditional brokerage accounts, removing the need for crypto exchange accounts for trading or custody. This ease of access, paired with regulatory oversight, makes DOJE a practical solution for those wishing to invest in memecoins without the direct risks of holding crypto. The fund also aligns with ongoing efforts by the Dogecoin Foundation to evolve DOGE into a globally useful asset, a vision shared by House of Doge’s CEO Marco Margiotta.

Despite its significance, DOJE is not free from risk. Dogecoin continues to be a highly speculative and volatile cryptocurrency, and the ETF inherits this risk profile, offering no diversification or underlying value to cushion against losses. Additionally, the fund’s structure—which involves a Cayman Islands subsidiary and a C-corp setup—may lead to tax complexities and differences in price tracking versus owning DOGE outright. Investors should also be aware of the fund’s expense ratio and the potential for limited liquidity, which could impact trading spreads in its early phase.

The debut of the DOJE ETF highlights the fast-changing nature of crypto investing, where traditional financial products are increasingly intersecting with digital assets. As more memecoins and alternative cryptocurrencies gain ground in institutional portfolios, the appetite for regulated vehicles like DOJE is likely to rise. This ETF acts as a link between speculative crypto markets and established financial ecosystems, offering insight into how mainstream finance may further embrace the rapidly growing digital asset sector.