Spot Dogecoin ETF Delayed Again As SEC Stalls Bitwise’s Bid

The US Securities and Exchange Commission (SEC) has pushed again its resolution on whether or not NYSE Arca can record the Bitwise Dogecoin ETF, designating a “longer interval” to finish its evaluate of the alternate’s proposed rule change below Rule 19b-4.

In a notice dated Sept. 9, the company mentioned it’s extending the deadline to Nov. 12, 2025, to both approve or disapprove the applying to record Bitwise’s DOGE belief as Commodity-Based Trust Shares below 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 normal pathway utilized by the spot bitcoin and ether merchandise: an alternate rule change below 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 record below 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—somewhat 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 seems to be like with DOJE slated for a Thursday launch, albeit below 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 goal.”

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 looking for to cross 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 record 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 aspect 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 buyers and issuers, the cut up underscores how crypto ETFs are evolving past the binary of “accepted or denied” for spot commodity trusts. Bitwise is pursuing a product that may maintain DOGE immediately in a belief construction in keeping with 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 strategy—highlighting the rising function of ’40 Act mechanics in bringing non-bitcoin property to the exchange-traded market.

At press time, DOGE traded at $0.24.