The landscape of cryptocurrency investments is evolving at an unprecedented rate, as evidenced by the remarkable launch of the first U.S. exchange-traded fund (ETF) tied to Dogecoin. On September 18, the REX-Osprey Doge ETF, trading under the ticker DOJE, experienced an astonishing opening hour, racking up nearly $6 million in trading volume.

According to data compiled by Bloomberg, the DOJE ETF saw a turnover of approximately $5.8 million before midday—an impressive figure considering that most ETFs launch with under $1 million in volume. Bloomberg analyst Eric Balchunas, who had informally set a benchmark of $2.5 million for the debut, stated that the actual results “destroyed” initial expectations, reflecting strong market enthusiasm.

As of the latest updates, Dogecoin was trading at around $0.281, marking a 4.45% increase during the day, although it had slightly retracted from its earlier gains.

The introduction of DOJE is part of a broader trend of crypto ETFs entering the market, as financial issuers seek to meet growing investor demand for digital assets presented in regulated formats. What sets DOJE apart is its registration under the Investment Company Act of 1940, a move that some analysts initially believed could dampen investor enthusiasm. However, the ETF’s strong opening has indicated significant interest from retail investors.

Moreover, REX Shares did not rest on its laurels; on the same day as DOJE’s launch, they filed for a “DOJE Growth and Income ETF.” This move signals their intent to expand further into the cryptocurrency market. Additionally, Tidal Financial has submitted applications for leveraged crypto index ETFs in collaboration with Quantify Chaos, broadening the options available to investors.

These new filings include leveraged funds targeting altcoins, with one excluding Bitcoin and another excluding both Bitcoin and Ethereum. Such products are designed to capitalize on “alt seasons,” periods when smaller cryptocurrencies tend to outperform their larger counterparts.

This influx of new offerings illustrates Wall Street’s growing acceptance of cryptocurrencies, despite the sector’s recent volatility and uncertainty. The sustainability of DOJE’s early momentum remains to be seen, but the ETF’s successful launch positions it favorably in a market that has seen numerous lackluster entries over the years.

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