The first ETF fund in America linked to Dogecoin had a spectacular debut on September 18, with a trading volume of nearly 6 million USD in just the first hour of opening – a figure that far exceeded expectations for a new product related to cryptocurrency.
According to data from Bloomberg, the REX-Osprey Doge ETF, listed under the ticker DOJE, has achieved a volume of 5.8 million USD before noon. In comparison, most new ETFs typically record less than 1 million USD in trading on their first day.
Eric Balchunas, a Bloomberg analyst who previously set the “over/under” prediction at 2.5 million USD, stated that the result has “far exceeded all expectations.”
As of the time of reporting, the price of DOGE is trading at 0.278 USD, down 1.5% for the day.
The crypto ETF wave continues to rise
The launch of DOJE adds to the wave of emerging cryptocurrency ETFs, as issuers seek to capitalize on the growing demand from investors for digital assets within a regulated framework.
Unlike spot Bitcoin ETFs launched under the Securities Act of 1933, DOJE is registered under the Investment Company Act of 1940 – a fact that many worry could dampen its appeal. However, initial trading activity shows strong interest from individual investors.
On the same day, REX Shares continued to file for the “DOJE Growth and Income ETF”, while Tidal Financial collaborated with Quantify Chaos to register leveraged crypto index ETFs.
These records include a 2X leveraged fund targeting the altcoin group – one fund excludes Bitcoin and one fund excludes both Bitcoin and Ethereum. These products are designed to take advantage of “alt seasons” – periods when altcoins outperform major coins.
The new product line reflects the trend of Wall Street increasingly embracing cryptocurrency despite the strong market volatility.
Whether DOJE can maintain its initial momentum remains an open question, but the impressive opening trading session has quickly established its position in the ETF market, which has seen dozens of lackluster launches prior.
Thạch Sanh
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