The first Dogecoin exchange-traded fund (ETF) in the United States could launch as early as next week by REX Shares. According to Bloomberg ETF analyst Eric Balchunas, REX Shares is set to introduce the Dogecoin ETF through the Investment Company Act of 1940, which is commonly referred to as the 40 Act.
Balchunas explained in a post on X that REX filed an effective prospectus with the US Securities and Exchange Commission (SEC), and suggested that approval may be just around the corner. The move is an alternative path to market, one previously taken by REX with its Solana staking ETF.
ETF Store president Nate Geraci described the 40 Act route as a “regulatory end-around,” as it is different from the more traditional process that requires issuers to file Form S-1 and Form 19b-4.
REX’s prospectus mentioned some of the risks involved, and pointed out that Dogecoin is a relatively new digital asset subject to extreme volatility, rapid price swings, and market uncertainty. The coin experienced wild fluctuations over the past few months, climbing more than 116% over the past year but still trading 54% lower than its December 2024 peak of $0.4672.
DOGE’s price action over the past year (Source: CoinMarletCap)
At press time, Dogecoin was priced around $0.2140, according to CoinMarketCap data. Despite these ups and downs, Dogecoin is still wildly popular, largely fueled by its unique cultural relevance and consistent presence in mainstream media.
The filing comes at a time when other asset managers are still waiting for clarity from the SEC on their own Dogecoin ETF applications. In April, 21Shares lodged a proposal, joining rivals Bitwise and Grayscale in the race to bring a DOGE product to market.
While those firms are also waiting for regulatory approval via the conventional pathway, REX opted for the 40 Act framework that could accelerate its launch. REX also filed for another product under the same framework that will track the price of the Official Trump (TRUMP) token.
Dogecoin’s strong cultural footprint adds some weight to these developments. Elon Musk has long been associated with the token, even dubbing himself the “Dogefather.” Reports recently suggested that Musk’s lawyer, Alex Spiro, is chairing a new company seeking to raise $200 million to invest in Dogecoin.
Thumzup Pivots to Dogecoin
Thumzup Media Corporation, a company linked to the Trump family, is preparing a major pivot into cryptocurrency mining with plans to acquire 3,500 Dogecoin rigs. In a shareholder letter that was released on Thursday, Thumzup revealed it executed agreements, pending shareholder approval, to acquire DogeHash Technologies, which operates Dogecoin mining operations.
The initial purchase will involve 2,500 Bitmain Antminers, with an additional 1,000 rigs already ordered. After the deal, the combined company will be renamed Dogehash Technologies Holdings and will trade publicly under the ticker XDOG.
(Source: Thumzup)
The company projects major revenue potential from the expansion. At current Dogecoin prices of around $0.214, Thumzup estimates annual revenue of $22.7 million, but if the coin reaches the $1 mark, yearly revenue could climb as high as $103 million. The firm raised $50 million through a share offering in August to support its transition away from its previous adtech business.
Referring to data from BIT Mining, Thumzup also pointed out that Dogecoin mining is nearly three times more profitable than Bitcoin mining. With a market cap of over $32 billion and a daily trading volume above $1.3 billion, Dogecoin is still one of the most widely held cryptocurrencies.
The company wants to position itself as one of the few publicly traded, utility-scale Dogecoin miners at a time when the $10.5 billion crypto mining market is projected to more than double by 2035. KuCoin also recently announced plans to capture 10% of the global Dogecoin mining capacity.
Additionally, Thumzup’s board authorized the holding of a diversified digital asset portfolio including Bitcoin, Litecoin, Solana, XRP, Ethereum, and USDC, adding to its 19.1 BTC already reported on BitcoinTreasuries.NET.
The Trump family’s ties to the company add another layer of visibility. Donald Trump Jr. purchased 350,000 shares of Thumzup in July, while Dominari Securities, an investment bank with family connections, supported the firm’s fundraising efforts.
