TL;DR
- ETF Approval Path: REX Shares could debut the first US Dogecoin ETF next week via the 40 Act, sidestepping slower S‑1 and 19b‑4 filings for a faster market entry.
- Volatility Warning: The prospectus flags DOGE’s sharp price swings, noting it’s up 116% in a year but still far below its late‑2024 peak.
- Mining Expansion: Thumzup plans to acquire 3,500 mining rigs, projecting $22.7M yearly revenue at current prices and up to $103M if DOGE reaches $1.
The first Dogecoin ETF in the United States could be just days from hitting the market, with REX Shares moving to launch the product through the Investment Company Act of 1940. This approach could bypass the slower, traditional approval process, signaling a potentially historic moment for the meme-inspired cryptocurrency’s integration into mainstream finance.
Looks like Rex is going to launch a Doge ETF via the 40 Act a la $SSK next week based on below tweet combined w how they just filed an effective prospectus. Doge looks like first one to go out, but the pros also includes on there are Trump, XRP and Bonk so poss those too at some… https://t.co/svyAFLB8Q3
— Eric Balchunas (@EricBalchunas) September 4, 2025
REX Shares Targets Swift ETF Launch
Bloomberg ETF analyst Eric Balchunas announced that REX Shares has submitted a valid prospectus to the US Securities and Exchange Commission, clearing the path for a Dogecoin ETF potentially launching as soon as next week. By using the 40 Act route, REX avoids the conventional Form S-1 and Form 19b-4 filings, a strategy it previously employed for its Solana staking ETF. ETF Store president Nate Geraci described this as a “regulatory end-around” that could give REX a first-mover advantage over competitors still awaiting SEC clarity.
Market Risks and Price Volatility
REX’s submission recognizes that Dogecoin is still a fairly new and very unstable asset. Over the past year, DOGE has surged more than 116% but remains 54% below its December 2024 peak of $0.4672. At press time, it traded at around $0.2185. The prospectus warns of rapid price swings and market uncertainty, underscoring the speculative nature of the asset despite its enduring popularity and cultural relevance.
Competitive Landscape for Dogecoin ETFs
Several asset managers, including 21Shares, Bitwise, and Grayscale, have also proposed similar ETFs via the traditional regulatory pathway. While these applications remain pending, REX’s accelerated approach could allow it to capture early market share. The company has also filed for a separate product tracking the Official Trump (TRUMP) token, further diversifying its offerings.
Thumzup Media’s Mining Pivot
In a related development, Thumzup Media Corporation, associated with the Trump family, is shifting from adtech to mining Dogecoin. The firm has agreed to acquire DogeHash Technologies, adding 3,500 mining rigs, with projections of $22.7 million in annual revenue at current prices and up to $103 million if DOGE reaches $1. Thumzup aims to become one of the few publicly traded, utility-scale Dogecoin miners, positioning itself in a $10.5 billion crypto mining market expected to more than double by 2035.
