"Investors can now speculate on a dog-themed memecoin straight from their brokerage accounts. On Thursday morning, the U.S.'s first spot Dogecoin ETF went live on Cboe BZX, an exchange headquartered in Chicago. Spot funds give traders exposure to current asset prices-as opposed to futures or other derivatives. Dogecoin is widely considered to be the first memecoin, or a cryptocurrency that references an online joke and doesn't have underlying utility."
"The launch of a memecoin ETF illustrates the shift in the regulatory landscape over the past year in favor of the crypto industry-especially since blockchain advocates battled with the Securities and Exchange Commission for years to launch a spot ETF for Bitcoin, the largest cryptocurrency by market capitalization. Now, especially with new rule changes voted in Wednesday by the SEC, the floodgates for funds tied to digital assets appear to be wide open."
"The Dogecoin ETF, like other crypto funds, lets traditional investors and institutions, who usually don't have access to crypto exchanges like Coinbase, speculate on cryptocurrencies from within traditional brokerage platforms such as Fidelity. Proponents have long said crypto ETFs can attract new investors to allocate portions of their portfolio into digital assets, but for years, the SEC blocked spot crypto ETFs from going live. The agency cited fears of market manipulation for its hesitancy."
U.S. investors can now access a spot Dogecoin ETF listed on Cboe BZX under the ticker DOJE, providing direct exposure to current Dogecoin prices. Spot funds track asset prices rather than futures or derivatives. Dogecoin originated as the first memecoin, referencing a Shiba Inu meme and lacking underlying utility. The launch reflects a regulatory shift after years of debates with the Securities and Exchange Commission, including recent SEC rule changes that eased approvals for crypto-linked funds. Rex Financial and Osprey Funds jointly manage the ETF. The memecoin price rose about 7% to roughly $0.29, and brokerage platforms like Fidelity now offer access.
Read at Fortune Crypto
Unable to calculate read time
Collection
[
|
...
]