First dogecoin ETF outperforms expectations, trading nearly $6M in first hour on Wall Street

Dogecoin ETF launch drew substantial retail and institutional interest, setting new standards for crypto-linked products.

Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.

The first U.S. exchange-traded fund tied to Dogecoin surged out of the gate on Sept. 18, recording nearly $6 million in trading volume during its opening hour, a strong showing for a new crypto-linked product.

According to Bloomberg data, the REX-Osprey Doge ETF, listed under the ticker DOJE, reached a turnover of $5.8 million before midday. By comparison, most ETFs typically see less than $1 million in volume on their debut.

Bloomberg analyst Eric Balchunas, who had set an informal “over/under” at $2.5 million for the launch, said the result “destroyed” expectations.

As of press time, Dogecoin was trading at $0.281, up 4.45% after giving up some of the day’s gains.

The debut adds to a wave of crypto ETFs entering the market as issuers try to capitalize on investor demand for digital assets in regulated formats.

Unlike earlier spot Bitcoin ETFs launched under the 1933 Securities Act, $DOJE was registered under the Investment Company Act of 1940, which some expected could have dampened enthusiasm. However, the initial trading suggested strong retail interest.

In a sign of continued expansion, REX Shares filed paperwork the same day for a “DOJE Growth and Income ETF,” while fund group Tidal Financial submitted applications for leveraged crypto index ETFs in partnership with Quantify Chaos.

The new filings include 2X leveraged funds targeting altcoins, one excluding only Bitcoin and the other excluding both Bitcoin and Ethereum. These funds are designed to capture so-called “alt seasons” when smaller tokens outperform.

The rush of products illustrates Wall Street’s deepening embrace of crypto despite recent volatility.

Whether DOJE can sustain its early momentum remains to be seen, but its opening session put it firmly on the map in an ETF market that has seen dozens of lackluster launches.

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