"Spot Dogecoin ETF to Launch as Early as Next Week"

The possibility has been raised that the first spot Dogecoin (DOGE) exchange-traded fund (ETF) will be launched in the United States.

On the 4th (local time), Cointelegraph reported that Eric Balchunas, a Bloomberg ETF analyst, said, "REX Shares appears likely to introduce a Dogecoin ETF next week through the Investment Company Act of 1940 (commonly known as the 40 Act)."

Balchunas cited REX Shares' final prospectus filed with the U.S. Securities and Exchange Commission (SEC) and explained, "They are using the same strategy they used when launching the Solana staking ETF last year." Generally, issuers of crypto ETFs must submit S-1 and 19b-4 documents to the SEC, but choosing the 40 Act approach allows for faster launches. Nate Geraci, CEO of ETF Store, described this as a "regulatory bypass strategy."

Competitors are also rushing to launch Dogecoin ETFs. In April, 21Shares filed a related application with the SEC, and Bitwise and Grayscale also submitted related applications. However, most of these are still awaiting SEC decisions.

Dogecoin has attracted public attention due to its association with Elon Musk, Tesla's CEO. Recently, it was reported that Alex Spiro, Musk's lawyer, is setting up a listed company dedicated to Dogecoin investment, seeking to raise 200 million dollars.

Dogecoin has surged more than 116% over the past year. However, as of that day, Dogecoin is trading around $0.2129, 54% lower than the $0.4672 high recorded in December last year.