• REX Shares may launch the first Dogecoin ETF in the US using an alternative regulatory path next week.
• The Dogecoin ETF will use a Cayman Islands setup to meet rules and reduce direct exposure risks.
• The SEC is showing more support for crypto ETFs as more firms wait for approval on similar products.

REX Shares has filed a prospectus with the U.S. Securities and Exchange Commission for a Dogecoin exchange-traded fund. The ETF, called the REX-Osprey DOGE ETF, could begin trading as early as next week. This would make it the first Dogecoin ETF available in the U.S. market.

The firm is using the Investment Company Act of 1940—commonly known as the “40 Act”—to move forward. This is the same approach REX used to launch its Solana staking ETF earlier this year. The 40 Act offers an alternative to the typical S-1 and 19b-4 forms required for most crypto-related ETFs.

Prospectus Highlights Risks and Offshore Structure

The prospectus filed by REX outlines the risks associated with Dogecoin. It notes that the token is still relatively new and can experience sharp price swings. To meet regulatory requirements, the fund will gain exposure through a Cayman Islands subsidiary.

The subsidiary, named REX-Osprey DOGE (Cayman) Portfolio S.P., will handle the actual Dogecoin investments. This structure helps the fund comply with U.S. regulations while offering exposure to complex digital assets. The risks and strategies of the subsidiary are treated as those of the main fund.

Other Tokens Also Mentioned in the Filing

The prospectus also lists several other tokens. These include XRP, BONK, TRUMP, Bitcoin, Ethereum, and Solana. Though Dogecoin appears first in line, the filing opens the door to more token-specific ETFs in the future.

REX has also filed a separate ETF tied to the TRUMP token. That ETF would invest in an offshore company holding the token. This strategy mirrors the method used for Dogecoin and Solana.

Regulatory Shifts and Market Reaction

The SEC has recently taken steps to accommodate crypto ETFs. In July, it approved in-kind creations and redemptions for crypto-related products. This move signaled a shift in the agency’s stance under Chairman Paul Atkins.

Despite the new filings, other ETF issuers are still waiting. Companies like Grayscale, Bitwise, and 21Shares have filed for Dogecoin ETFs through traditional channels. Those applications remain under SEC review.

Dogecoin’s price has dropped recently. It is trading around $0.21, down over 4% at the time of publication. Still, the token has risen more than 100% over the past year. Its current market capitalization stands at $32 billion.