Dogecoin arrives at Wall Street: debuts Memecoin’s first ETF in the US

By Hannah Pérez

From a joke on the Internet to a legitimate product on Wall Street: Dogecoin now has its own ETF in the US market. The ETF “Doje” managed by Rex and Osprey is the first of a memecoin.

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• From a joke on the Internet to a legitimate product on Wall Street.
• The first ETF of Dogecoin and a memecoin in general debuts in the US.
• Rex Shares and Osprey Funds launched the “Doje” fund expanding the alternatives of crypto investment.
• They are also opening an ETF with direct exposure to XRP.

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The US market welcomed this Thursday to the first fund quoted in the stock market (ETF) with exposure to Dogecoin (Doge), La Memecoin larger by capitalization, marking a significant step towards the integration of digital assets in traditional investment vehicles.

The ETF, known as “Rex-Osprey Doge ” And with the “Doje” ticket, he began to quote on the bag CBOE BZXmanaged by firms Rex Shares and Osprey Funds. The milestone transforms one of the most popular internet jokes into a legitimate product of Wall Street.

Created in 2013 by Billy Markus and Jackson Palmer as a joke inspired by the dog of dog Siba Inu, Dogecoin –With unlimited supply– It was designed as an accessible alternative to Bitcoin For quick and low -cost transactions. Although it began as a humorous project, it has gained popularity thanks to the support of the community and figures such as Elon Musk.

“The approval of the first ETF of Dogecoin in the US is not only a milestone of the market, but a validation that Dogecoin is more than a meme: it is a global currency”said Marco Margiotta, CEO of House of Doge, corporate arm of the Dogecoin Foundation.

According to a joint statement, the fund invests directly in Doge and may include participations in other Cryptocurrency ETFs, as well as derivatives, to achieve its exhibition. This product is registered under the Investment Societies Law of 1940, which allows active management and uses legal structures similar to those used in the ETF of Solarium of the same firms, released in July.

It is not an ETF “pure”In cash, as explained on Wednesday the specialist of Bloomberg IntelligenceJames Seyffart, since it incorporates additional elements beyond the simple possession of the underlying asset.

Doge rises 7% after his debut on Wall Street

The ETF of Doje represents the launch of the first regulated investment vehicle for a Memecoin in a US bag. Other managers, such as Grayscale and BitwiseSimilar ETFs of Dogecoin have proposed using a different structure, while ETF requests from other memecoins such as Bonk and Trump also expect the approval of the Bag and Securities Commission (SEC).

The recent approval of Listing standards by the SEC can help accelerate these approval processes, reducing the review terms of up to 240 days to only 75 in some cases.

The historical event promoted the price of Doge, which shot more than 7% ultimately 24 hours, quoting USD $ 0.2857 at the end of this edition, according to Coingcko. Although the token is still almost 60% below its maximum of 4 years of USD $ 0.7316. With a capitalization of USD $ 42.9 billion, it is currently the 8th largest cryptocurrency.

These launches expand the options for institutional and retail investors in the US Bitcoin and Ethereum They have operated for more than a year.

Analysts like Eric Balchunas of Bloomberg They estimate an initial volume for doje of around 2.5 million dollars on their first day, considered respectable but moderate given its legal structure.

In parallel, the market is also welcoming an XRP ETF. Rex Shares and Osprey Funds They debuted an ETF with direct exposure to XRP, the third cryptocurrency for market capitalization, under the XRPR ticket. This fund also quote on CBOE BZX and combines direct possession of XRP with investments in ETF to the county and possible derivatives.

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Article written with the help of AI, edited by Diariobitcoin

Image generated with AI tool, under free license

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