First US Dogecoin ETF Faces Delay, First-Mover Advantage in Play

- The first U.S. Dogecoin ETF, $DOJE, faces a delay until mid-next week amid heightened anticipation. - Issuers Rex Shares and Osprey Funds utilize a 1940 Act filing for expedited SEC approval. Dogecoin investors are rallying as the first U.S. Dogecoin exchange-traded fund (ETF), $DOJE, edges closer to launch, although the fund now faces another regulatory delay. On September 12, 2025, Bloomberg reported that the debut of $DOJE was pushed back once again. The ETF, developed by Rex Shares and Osprey Funds to provide regulated market exposure to the meme-inspired cryptocurrency, is now expected to launch on Thursday, September 18. This delay marks the latest in a series of postponements. On the social media platform X, Bloomberg Senior ETF Analyst Eric Balchunas noted the shifting timeline, explaining the launch date first moved from Thursday, September 11, to Friday, September 12, before being pushed again to next week. However, no one has offered a clear explanation for these delays. To streamline $DOJE's approval process, Rex Shares and Osprey Funds implemented a unique regulatory strategy. On September 10, Bloomberg and other outlets reported that the issuers filed the ETF under the Investment Company Act of 1940 instead of the traditional Securities Act of 1933. Filing under the 1940 Act enables a faster SEC review because its diversification standards differ from those required for single-asset crypto ETFs under the 1933 Act. This structure allows $DOJE to hold portions of its assets in other regulated securities, which mitigates risk while still offering investors Dogecoin exposure. The delay occurs amid increased SEC scrutiny impacting the broader cryptocurrency ETF sector. On September 11, CryptoSlate stated that the SEC recently postponed decisions on Ethereum ETFs that feature staking elements. In addition, regulatory reviews are holding up cryptocurrency ETFs that track XRP and Solana, while over 90 similar filings are also awaiting approval. According to CoinMarketCap, Dogecoin (DOGE) was trading at $0.27 as of September 12 (17:08 UTC), and its 24-hour trading volume had increased by 8.209%.