Dogecoin’s price rose Friday even as the launch of a US exchange-traded fund (ETF) tied to the memecoin was delayed again, according to a Bloomberg analyst.
According to CoinMarketCap data, Dogecoin (DOGE) increased by nearly 4% over the last 24 hours — reaching $0.2603 at the time of writing. The rise comes despite Bloomberg’s senior ETF analyst Eric Balchunas saying Thursday that the launch of a US DOGE ETF is delayed again.
According to a Sept. 8 US Securities and Exchange Commission (SEC) filing, the Rex-Osprey DOGE ETF (DOJE) was expected to list alongside Bonk (BONK), XRP (XRP), Bitcoin (BTC) and Trump Official (TRUMP) ETFs on Friday, Sept. 12. Still, Balchunas suggested that the listing is delayed until the middle of next week, likely Thursday.
Earlier this month, the DOJE ETF won approval under the Investment Company Act of 1940, a framework typically used for mutual funds and diversified ETFs. This sets it apart from Bitcoin ETFs approved under the Securities Act of 1933, which governs commodity- and asset-backed products rather than fund-style vehicles.
Balchunas told Cointelegraph that he learned of the delay directly from the company behind the ETF. He said that the firm has not shared the reason behind the delay.
The analyst added that he does expect this ETF to have a “minimal“ impact on Dogecoin’s price. He explained that with Bitcoin, there were investors interested who could not interact with crypto directly. He expects those interested in DOGE to have crypto exchange accounts already.
“The further away you get from BTC, the less assets it will be.”
Still, Balchunas said that he expects four to five Dogecoin ETFs to launch in October or November. He said that “the more [DOGE ETFs] launch, the more it will move the needle.
Balchunas added that this ETF is different from most crypto ETFs that have launched. He explained that it “is not really spot” since it does not hold DOGE directly, relying instead on a Cayman Islands-based subsidiary and derivatives — this is necessary since the 1940 act requires diversification and restricts single-asset concentration.
Related: How high can DOGE price go when a Dogecoin ETF is approved?
Dogecoin ETF triggers speculation
This approval appears to be without any precedents. Balchunas said on X on that he is “pretty sure this is the first-ever US ETF to hold something that has no utility or purpose.”
While the industry usually reacts overwhelmingly positively to the approval of new crypto ETFs, this case was somewhat different. Recent reports highlighted that critics argue that a memecoin fund institutionalizes speculation, while also charging fees that investors could avoid by buying Dogecoin directly.
Related: KuCoin targets 10% of Dogecoin mining capacity via new mining platform
Doge attracts institutional attention
Dogecoin, the world’s first memecoin, is attracting increasingly more institutional attention. Friday reports indicate that CleanCore Solutions, a maker of aqueous ozone cleaning systems, reached half of its 1 billion Dogecoin treasury target after buying $130 million in DOGE this week.
The announcement follows CleanCore Solutions’ announcement that it will raise $175 million via private placement, spending the proceeds on acquiring more DOGE. This offering was successfully closed two days after the announcement on Sept. 5.
Also this month, Trump family-linked media corporation Thumzup announced plans to acquire 3,500 Dogecoin mining rigs. The announcement described the memecoin as “one of the most widely held cryptocurrencies.”
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