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REX Shares' Dogecoin ETF Could Launch Next Week Through 40 Act Route 🚀
REX Shares looks ready to make crypto history. First-ever Dogecoin ETF in the US might drop next week 🔥. Bloomberg's ETF guy Eric Balchunas says REX filed an effective prospectus with the SEC. They're using that same path that worked for their Solana staking ETF earlier this year.
"Looks like Rex is going to launch a Doge ETF via the 40 Act a la $SSK next week," Balchunas posted online.
Most crypto companies like 21Shares and Bitwise go the traditional route. Form S-1, Form 19b-4. The usual stuff. REX is different. They're taking this 40 Act fund approach. Some call it a "regulatory end-around." Pretty clever. It seems this creative move might give REX the first shot at the DOGE ETF market while everyone else sits waiting 💎.
Their filing mentions DOGE's risks. "DOGE is a relatively new innovation and is subject to unique and substantial risks. The market for DOGE is subject to rapid price swings, changes and uncertainty."
Dogecoin's up 116% over the past year. Trading at $0.2129 now. Still kind of surprising it's 54% below its 2024 peak from December. The memecoin stays relevant. Elon Musk—self-proclaimed "Dogefather"—remains its famous cheerleader 🌕.
Interesting development lately. Fortune reported Musk's lawyer Alex Spiro is chairing some new public company. They want $200 million for Dogecoin investment.
If this works out, REX Shares fund becomes the first U.S.-listed Dogecoin ETF. The implications aren't entirely clear, but it could mean bigger institutional money flowing into the world's top memecoin 🐕.