First US Dogecoin ETF DOJE opens with strong early volume

The first U.S. exchange traded fund built around Dogecoin opened for trading on Thursday, Sept. 18, drawing strong retail and institutional interest as it recorded nearly $6 million in volume in its opening hour, according to Bloomberg data and market analysts. The REX Shares Osprey Dogecoin ETF, listed under the ticker DOJE, marks the first U.S. ETF focused on a meme coin and comes after weeks of regulatory review and market speculation.

The fund was approved earlier this month and is registered under the Investment Company Act of 1940, a framework more commonly used for mutual funds than for commodity trusts. DOJE uses a Cayman Islands subsidiary to gain exposure to Dogecoin, but accounts differ on the mechanics. Some descriptions by analysts and filings characterize the subsidiary as providing spot exposure to DOGE, while others say the fund will rely on futures and other derivatives rather than holding the coins outright. The differing characterizations underscore a novel legal and operational structure for a crypto-linked product in the U.S.

DOJE’s debut outpaced expectations. Bloomberg senior ETF analyst Eric Balchunas said DOJE reached about $5.8 million in turnover...