The first U.S. exchange-traded fund tied to Dogecoin surged out of the gate on Sept. 18, recording nearly $6 million in trading quantity throughout its opening hour, a robust displaying for a brand new crypto-linked product.
Based on Bloomberg knowledge, the REX-Osprey Doge ETF, listed under the ticker DOJE, reached a turnover of $5.8 million earlier than noon. By comparability, most ETFs sometimes see lower than $1 million in quantity on their debut.
Bloomberg analyst Eric Balchunas, who had set a casual “over/below” at $2.5 million for the launch, mentioned the consequence “destroyed” expectations.
As of press time, Dogecoin was trading at $0.281, up 4.45% after giving up among the day’s beneficial properties.
The debut provides to a wave of crypto ETFs coming into the market as issuers attempt to capitalize on investor demand for digital belongings in regulated codecs.
Not like earlier spot Bitcoin ETFs launched below the 1933 Securities Act, $DOJE was registered below the Funding Firm Act of 1940, which some anticipated might have dampened enthusiasm. Nonetheless, the preliminary trading advised robust retail curiosity.
In an indication of continued enlargement, REX Shares filed paperwork the identical day for a “DOJE Progress and Revenue ETF,” whereas fund group Tidal Monetary submitted functions for leveraged crypto index ETFs in partnership with Quantify Chaos.
The brand new filings embody 2X leveraged funds focusing on altcoins, one excluding solely Bitcoin and the opposite excluding each Bitcoin and Ethereum. These funds are designed to seize so-called “alt seasons” when smaller tokens outperform.
The push of merchandise illustrates Wall Street’s deepening embrace of crypto regardless of latest volatility.
Whether or not DOJE can maintain its early momentum stays to be seen, however its opening session put it firmly on the map in an ETF market that has seen dozens of lackluster launches.
