Bloomberg analysts report on the potential launch of the world's first Dogecoin ETF in the coming days, coinciding with the start of a new altcoin season.
Potential Launch of DOGE ETF
Bloomberg ETF analyst Eric Balchunas noted in a post that REX Shares has filed an effective prospectus with the U.S. Securities and Exchange Commission (SEC), which could lead to the launch of a DOGE ETF under the Investment Company Act of 1940. This allows REX Shares to avoid some delays faced by traditional crypto funds.
Altcoin ETF Applications
REX Shares is not the only firm looking to launch a DOGE ETF. Earlier this year, 21Shares submitted a formal proposal to the SEC for a Dogecoin ETF. Additionally, Bitwise and Grayscale have submitted their applications, currently awaiting a decision from the regulator. In total, there are 92 crypto ETF applications under review.
Beginning of Altcoin Season
Bloomberg Intelligence analyst James Seyffart stated that the long-awaited altcoin season has already begun. He highlighted that this cycle is different from past ones due to the entry of institutional players into the crypto space. However, he also warned that altcoin prices may not soar as much as in previous cycles, and that demand for ETFs may be lower compared to these assets.
The anticipated launch of the DOGE ETF and the active development of altcoins highlight the changing landscape of the crypto market, increasingly attracting institutional investors.
