What to Know
- Dogecoin whales seem to be accumulating DOGE ahead of the upcoming ETF launch.
- The move indicates that the market is bullish on the DOGE ETF news.
- However, the Dogecoin ETF listing was delayed by a day due to a last-minute change.
Large Dogecoin transactions made an appearance just before the first U.S. exchange-traded fund based on the DOGE memecoin is about to make its way to Wall Street. According to blockchain data, whales accumulated DOGE in two different transfer.
Whale Alert reported that the first transaction saw 200 million DOGE worth $49.7 million transferred out of Robinhood to an unknown wallet. Minutes later, another of 145 million DOGE, with a value of $36 million was moved from Robinhood to an unknown address
These whale-sized moves come as the highly anticipated launch of the REX-Osprey Dogecoin ETF, ticker DOJE, the first of its kind to be listed in the U.S., is dedicated entirely to Dogecoin. Analysts believe that the shift of coins out of a crypto trading platform like Robinhood into unknown whale wallets may be an indicator of investors wanting to store their holdings for long-term as they could be bullish on the DOGE ETF launch.
Dogecoin ETF Launch Slightly Delayed
The Dogecoin ETF was scheduled to begin trading on Thursday, September 11, 2025, but a last-minute shift postponed the date by one day. Bloomberg senior ETF analyst Eric Balchunas informed followers of X, saying: “UPDATE: we got a little rain delay, $DOJE is now scheduled to begin trading Friday 9/12, not today.”
UPDATE: we got a little rain delay, $DOJE is now scheduled to begin trading Friday 9/12, not today. https://t.co/admrTc7UGo
— Eric Balchunas (@EricBalchunas) September 11, 2025
Balchunas had previously claimed the novelty of the product in very dramatic terms. He commented on September 9 that the launch would be the first-ever US ETF that will hold something that is not useful or purposeful. The unvarnished commentary reflects on the difference between DOJE and other exchange-traded crypto-products, the vast majority of which are pegged to assets such as Bitcoin or Ethereum, which have existing applications in payments, smart contracts, or decentralized finance.
Fraudulent Clearing by the Fund Cleared Regulators.
It is the construction of the new vehicle that enabled it to jump ahead of other pending crypto ETFs. Instead of submitting the registration under the same law as spot Bitcoin and Ethereum proposals were registered under the Securities Act of 1933, the REX-Osprey product was registered under the Investment Company Act of 1940, which regulates mutual funds and some ETFs.
In establishing the Dogecoin ETF in this structure and using a subsidiary in the Cayman Islands, the fund avoided numerous challenges that have slowed other crypto-linked funds. The U.S. Securities and Exchange Commission failed to grant a conventional approval order and instead allowed the registration to come into effect, in effect turning the greenlight on to the launch without further objection.
Partnership Behind DOJE
REX Shares and Osprey Funds are the result of the cooperation between the two. REX Shares has a history of introducing unorthodox ETF ideas in the market, whereas Osprey focuses on digital asset investment vehicles. The companies jointly established a fund that is designed to provide investors with an exposure to the price of Dogecoin without them having to buy or hold the cryptocurrency directly.
The trade, though, is that even though the ETF opens the door to easier access and is run within regulated channels, it also introduces management fees and removes the direct utility of having the DOGE in possession, i.e., the ability to send, tip or spend the token on-chain.
When it starts trading, DOJE will be classified as a member of the Alternative category of ETFs and this will indicate its status as a high-risk, high-volatility fund. Dogecoin itself, an internet joke of its own in 2013, has since become one of the largest cryptocurrencies in the world by market capitalization, fueled in large part by community interest and by celebrity promoters.
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