Dogecoin ETF signals ‘memecoin era’ debut in the US
Bloomberg analyst Eric Balchunas mentioned the primary US exchange-traded fund linked on to Dogecoin will debut Thursday, Sept. 11.
In a Sept. 9 update on X, he mentioned Rex-Osprey’s deliberate DOGE ETF (ticker: DOJE) indicators the beginning of what he described because the “memecoin ETF period.”
Balchunas emphasised the fund’s uncommon nature, noting that it might be the primary U.S. ETF designed to carry an asset “with no utility on function.”
DOJE ETF
This improvement comes barely every week after Rex-Osprey filed for the ETF product with the US Securities and Trade Fee (SEC).
The short turnaround may be linked to the truth that DOJE was registered below the Funding Firm Act of 1940, a technique that quickens approval in contrast with the normal 19b-4 course of required for spot crypto ETFs.
Underneath this method, the fund is structured as a C-corporation that gives DOGE publicity via a Cayman Islands subsidiary.
Notably, the identical framework was used for its Staking Solana Fund (SSK), giving the agency a observe document of navigating the construction.
Nevertheless, this setup typically attracts skepticism from some traders who cite considerations about potential double taxation.
Wall Avenue Does not Need You to See This…
Get 5 days of high-level methods the professionals use to win in crypto. Restricted seats obtainable — declare yours now.
Delivered to you by CryptoSlate
Nonetheless, this method would enable an issuer to maneuver shortly, whereas rivals would possibly stay within the queue as a result of they apply via the Securities Act of 1933 route.
DOGE treasury agency
The ETF improvement coincides with a serious company adopting Dogecoin for its digital asset treasury initiative.
On Sept. 8, CleanCore Options, Inc., an organization listed on the NYSE American alternate, revealed that it bought 285.4 million DOGE valued at $68 million. This transaction made CleanCore the most important Dogecoin treasury holder thus far.
CleanCore mentioned the acquisition is the primary stage in a plan to build up one billion DOGE inside 30 days and finally safe 5% of the token’s circulating provide.
The Dogecoin Basis and its company arm, Home of Doge, backed the initiative. Their technique positions DOGE as a digital asset for funds, tokenization tasks, staking-style merchandise, and cross-border transfers.
To offer custody and execution for the brand new treasury, the Home of Doge additionally announced a partnership with Bitstamp USA, which now operates below Robinhood (NASDAQ: HOOD). Underneath the settlement, the Official Dogecoin Treasury shall be managed on Bitstamp by Robinhood’s platform.
In line with the companions, this setup is meant to strengthen transparency and stability whereas laying the inspiration for yield-bearing merchandise that might broaden Dogecoin’s position in mainstream finance
Talked about on this article
