New cryptocurrency exchange-traded funds (ETFs) from REX and Osprey are expected to launch this Friday, pending any last-minute objections from the U.S. Securities and Exchange Commission (SEC). According to Bloomberg Intelligence analyst Eric Balchunas, these ETFs have cleared the SEC's 75-day review window.
The lineup includes the REX-Osprey Bonk ETF, Trump ETF, Bitcoin ETF, XRP ETF, and Doge ETF. Balchunas stated that the "post-effective" status of these ETFs indicates an imminent launch. The Doge ETF is anticipated to debut on Thursday.
The structure of these ETFs falls under the Investment Company Act of 1940, which offers a simpler path to market compared to the Securities Act of 1933 used to approve spot Bitcoin ETFs last year. Balchunas explained that '40 Act funds do not directly invest fully in spot assets, allowing them to launch 75 days after filing unless the SEC intervenes. Most U.S. ETFs are structured under the '40 Act as open-end investment companies that can hold securities like futures-based funds. In contrast, '33 Act ETFs are typically used for physically backed commodities, including spot Bitcoin and gold products.
While the REX-Osprey funds are progressing, the SEC has postponed decisions on other high-profile ETF applications from companies like Franklin Templeton, BlackRock, and Fidelity. The agency requires more time to assess proposals, including those that propose staking for Ether (ETH) within the funds. Decisions on applications for XRP (XRP) and Solana (SOL) ETFs have also been delayed.
REX Shares and Osprey Capital plan to launch the first U.S. Dogecoin ETF (DOJE) under a 1940 Act structure, bypassing the SEC's 19b-4 rule change requirement. The DOGE ETF will allocate 80%+ assets to Dogecoin or derivatives, using a Cayman subsidiary for tax compliance while avoiding commodity-based trust structures. Competitors like Bitwise and Grayscale face longer approval timelines due to commodity ETP structures requiring 19b-4 orders, giving REX a potential first-mover advantage.
The ETF's structure is key to its potential early launch. Unlike many other Dogecoin ETF proposals, which rely on commodity-based grantor trusts that require an SEC-Exchange Act rule change (19b-4) for listing, REX's approach uses an open-end 1940 Act ETF trust. This framework allows the product to become market-ready if the registration is approved and accepted by a listing exchange without needing a specific regulatory order for Dogecoin. The same strategy was successfully employed with the REX-Osprey Solana + Staking ETF (SSK), which debuted in July 2025 and was notable for its inclusion of native staking rewards.
The REX-Osprey DOGE ETF plans to allocate at least 80% of its assets to Dogecoin or instruments providing equivalent exposure, with the option to use derivatives such as futures and swaps. To manage tax treatment and regulatory compliance, the fund will utilize a Cayman-based subsidiary to hold certain positions, while the parent ETF's investment in that subsidiary will be capped at 25% of total assets. This structure mirrors how futures-based ETFs are typically organized and aims to replicate the price of Dogecoin in a regulated format.
If approved, the ETF could redefine crypto ETF development for non-staking coins like Dogecoin, leveraging REX's proven 1940 Act model from its Solana ETF (SSK). The SEC is also separately considering new "generic" listing rules for crypto ETPs that could streamline future approvals but are not directly relevant to REX's existing 1940 Act filing.
Bloomberg ETF analyst James Seyffart says 92 crypto exchange-traded products are currently in the U.S. pipeline.
