First Dogecoin ETF May Launch Next Week, Altcoin Season Already Underway, Bloomberg Analysts Say
The first Dogecoin ETF could debut as early as next week, said Bloomberg analysts, adding that the possible launch comes with a new altcoin season already underway.
In an X post, Bloomberg ETF (exchange-traded fund) analyst Eric Balchunas noted that REX Shares has filed an effective prospectus with the US Securities and Exchange Commission (SEC), which could lead to the launch of a DOGE ETF under the Investment Company Act of 1940.
That same structure was used by REX to roll out a Solana staking ETF earlier this year, enabling it to launch a SOL fund ahead of its competitors.
Unlike spot crypto ETFs that are filed under Form S-1 and 19b-4, the Investment Company Act of 1940 takes an alternative route. This lets REX Shares avoid some of the delays facing traditional crypto funds, which could lead to a decision only being given after 240 days.
If approved, the REX-Osprey DOGE ETF will trade under the ticker “$DOGE,” and will track the performance of the largest meme coin by market cap, according to an X post by the company.
The REX-Osprey™ DOGE ETF, $DOJE, is coming soon!$DOJE will be the first ETF to deliver investors exposure to the performance of the iconic memecoin, Dogecoin $DOGE.
From REX-Osprey™, the team behind $SSK, the first SOL + Staking ETF.@OspreyFunds
Investing involves risk.… pic.twitter.com/2eVv2hI7cf
— REX Shares (@REXShares) September 3, 2025
Firms Have Issued Multiple Altcoin ETF Applications To The SEC
REX Shares is not the only firm looking to launch a DOGE ETF.
Earlier this year, 21Shares submitted its own formal proposal to the SEC for a Dogecoin ETF. This is after Bitwise and Grayscale also submitted their applications, which are currently awaiting a decision from the securities regulator.
Including the DOGE ETF filings, there are currently 92 crypto ETF applications under review by the SEC.
NEW: Here is a list of all the filings and/or applications I'm tracking for Crypto ETPs here in the US. There are 92 line items in this spreadsheet. You will almost certainly have to squint and zoom to see but best I can do on here pic.twitter.com/lDhRGEQBoW
— James Seyffart (@JSeyff) August 28, 2025
A detailed spreadsheet that was published towards the end of August shows that most of those filings are for funds that track Solana (SOL), Ripple’s XRP, and Litecoin (LTC).
Solana and XRP have eight and seven pending ETF applications, respectively, ranking them as the most targeted altcoin investments following the launch of spot Bitcoin and spot Ethereum ETFs in the US last year.
A final decision for the altcoin ETF applications is expected by October.
Altcoin Season Has Begun
As ETF issuers wait for a decision from the SEC for their respective altcoin funds, Bloomberg Intelligence ETF analyst James Seyffart says the long-awaited altcoin season has already started.
“I think this is the alt season, this has been the alt season” he said during a recent interview with Milk Road.
He said that this cycle is different from past crypto cycles, mainly because institutional players have started entering the crypto space. This entrance has been through digital asset treasury companies (DATCOs), which he says have been “on absolute fire” recently.
Later on in the interview, Seyffart did say that altcoin prices might not soar as much as they did in past cycles. He backed this prediction by saying that the chances that institutional investors will look beyond the top 30 list of the largest cryptos are really low.
He also warned that altcoin ETFs might not draw the same level of demand that spot Bitcoin ETFs have seen since their launch last year.
Instead, he believes that investment products that combine multiple cryptos, “investment baskets,” are likely to capture more institutional demand.
Seyffart’s statement that the altcoin season has already started comes as the total market capitalization for alts rose over 33% in the last 2 months, and has risen another 1% this month so far, according to TradingView data.
Monthly chart for the altcoin market cap (Source: TradingView)
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