The US Securities and Exchange Commission (SEC) has pushed again its determination on whether or not NYSE Arca can checklist the Bitwise Dogecoin ETF, designating a “longer interval” to finish its overview of the alternate’s proposed rule change beneath Rule 19b-4.
In a discover dated Sept. 9, the company mentioned it’s extending the deadline to Nov. 12, 2025, to both approve or disapprove the applying to checklist Bitwise’s DOGE belief as Commodity-Based Trust Shares beneath NYSE Arca Rule 8.201-E. “The Commission… designates November 12, 2025, because the date by which the Commission shall both approve or disapprove the proposed rule change,” the order states.
Spot Dogecoin ETF—Nah, But DOJE Is Coming
The delay retains Bitwise within the rising queue of spot altcoin ETFs ready on the standard pathway utilized by the spot bitcoin and ether merchandise: an alternate rule change beneath the Securities Exchange Act of 1934 paired with a Securities Act registration assertion. Bitwise’s DOGE product is structured as a commodity-based belief that may maintain Dogecoin in custody, with Coinbase Custody listed because the Dogecoin custodian in its S-1 submitting.
Even because the spot DOGE utility slips to November, a Dogecoin ETF from REX Shares and Osprey Funds is slated to start buying and selling this Thursday through a unique regulatory route. The product will checklist beneath the ticker DOJE and is distributed by Foreside Fund Services, with launch timing confirmed for Thursday. This fund leverages the Investment Company Act of 1940—slightly than the ’33/’34 Act spot-commodity-trust pathway—to supply DOGE publicity, a construction the issuers beforehand used for his or her Solana product.
Bloomberg’s Eric Balchunas framed the second succinctly, posting on X: “Meme coin ETF period about to kick off it appears like with DOJE slated for a Thursday launch, albeit beneath the 40 Act a la SSK. There’s a giant group of ‘33 Act-ers ready for SEC approval nonetheless. Pretty positive that is first-ever US ETF to carry one thing that has no utility on objective.”
REX-Osprey’s use of the ’40 Act route echoes the playbook behind SSK, the REX-Osprey SOL + Staking ETF, which lists on Cboe and holds SOL publicity whereas in search of to go by way of staking rewards inside the constraints of a registered fund. That earlier launch established a template for crypto-exposure ETFs that don’t depend on an alternate’s 19b-4 rule change to checklist a spot commodity belief.
The SEC’s newest Bitwise order leaves the market with two parallel tracks for Dogecoin publicity in US ETFs. On one facet is the Bitwise proposal, continuing by way of the acquainted spot-trust approval gauntlet that culminates on Nov. 12 absent one other procedural shift. On the opposite is DOJE, which—if it begins buying and selling Thursday—would symbolize a first-of-its-kind US DOGE ETF launched as a ’40 Act fund, a construction business analysts say can attain the market with out the identical alternate rule-change approval required for commodity-based trusts.
For traders and issuers, the cut up underscores how crypto ETFs are evolving past the binary of “permitted or denied” for spot commodity trusts. Bitwise is pursuing a product that may maintain DOGE immediately in a belief construction per NYSE Arca’s Rule 8.201-E framework, whereas REX-Osprey seem set to supply DOGE publicity inside a registered funding firm—akin to SSK’s method—highlighting the rising position of ’40 Act mechanics in bringing non-bitcoin belongings to the exchange-traded market.
At press time, DOGE traded at $0.24.
Featured picture created with DALL.E, chart from TradingView.com
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