The world of cryptocurrencies is constantly evolving, and the latest development in this space is the launch of the first US exchange-traded fund linked directly to Dogecoin. Bloomberg analyst Eric Balchunas announced that the DOJE ETF, offered by Rex-Osprey, is set to debut on Thursday, September 11. This marks the beginning of what Balchunas described as the “memecoin ETF era.”
The DOJE ETF is a unique product in the market as it is designed to hold an asset with no utility on purpose. The quick turnaround for the launch of this ETF can be attributed to the fact that it was registered under the Investment Company Act of 1940, which expedites the approval process compared to traditional methods. The fund is structured as a C-corporation that provides exposure to Dogecoin through a Cayman Islands subsidiary, a strategy that Rex-Osprey has successfully used for its Staking Solana Fund (SSK).
However, some investors have expressed skepticism about this setup due to concerns about potential double taxation. Despite this, the approach allows the issuer to move quickly, while competitors applying through the Securities Act of 1933 route may face delays.
In parallel with the ETF launch, CleanCore Solutions, Inc., a company listed on the NYSE American exchange, made headlines by acquiring 285.4 million DOGE valued at $68 million. This move positions CleanCore as the largest Dogecoin treasury holder to date. The company plans to accumulate one billion DOGE within 30 days and eventually secure 5% of the token’s circulating supply.
Backing this initiative are the Dogecoin Foundation and its corporate arm, House of Doge, which aim to establish DOGE as a digital asset for payments, tokenization projects, staking-style products, and cross-border transfers. To manage the new treasury, the House of Doge has partnered with Bitstamp USA, now operating under Robinhood (NASDAQ: HOOD), to provide custody and execution services.
This strategic partnership with Bitstamp by Robinhood is intended to enhance transparency and stability, laying the groundwork for yield-bearing products that could further integrate Dogecoin into mainstream finance. The collaboration between CleanCore, the Dogecoin Foundation, House of Doge, and Bitstamp by Robinhood signals a new chapter in the evolution of Dogecoin as a prominent player in the cryptocurrency market.