According to Bloomberg ETF expert Eric Balchunas, the Rex-Osprey Dogecoin ETF DOJE could launch as early as tomorrow. “I’m pretty sure this is the first U.S. exchange-traded fund to contain something that intentionally has no utility,” the analyst said.

The product, distributed by Foreside Fund Services, is backed by REX Shares and Osprey Funds, the same team that launched a Solana staking ETF earlier this year.

Unlike the spot Bitcoin and Ethereum ETFs, DOJE is not a traditional 1933 trust, but rather a ’40 Act ETF with a Cayman subsidiary that tracks DOGE exposure directly or via instruments. This increases regulatory embedding and could expedite approval, but is structurally more complex. Some ETF applications from the ’33 cohort are still awaiting SEC approval, according to Balchunas.

Jordan Jefferson, CEO of DogeOS and MyDoge, called the ETF a watershed moment: “Dogecoin started as a joke, and now Wall Street finally gets it. The ETF approval proves that institutional investors recognize the true value of community, culture, and accessibility,” he said. “When pension funds buy the asset that began as a joke, we know we’ve reached a unique moment in financial history.”

Jefferson would likely disagree that Dogecoin has no utility. He said: “Institutional capital flowing into DOGE provides new liquidity and stability, while the Dogecoin ecosystem continues to expand with apps, games, and utility through DogeOS. The combination of Wall Street investment and grassroots community creates a foundation for sustainable growth that few assets can match.”

The DOGE ETF also comes at a time when other memecoin products are pushing for SEC approval. For example, Canary Capital Group recently applied for an ETF on Official Trump (TRUMP).