Dogecoin Is Still Here—And Now There’s an ETF That Tracks It

An exchange-traded fund that tracks a cryptocurrency created for the fun of it began trading today.

The Rex-Osprey DOGE ETF, which uses the ticker symbol “DOJE,” now trades in U.S. markets. It’s the first Dogecoin ETF listed in the U.S. market, and it’s in some ways hard to believe it—or the coin that underpins it—exists at all.

Dogecoin, or “DOGE,” is a meme-based cryptocurrency created in 2013 as a lighthearted alternative to bitcoin. Dogecoin’s most notable backer is Elon Musk, who has in the past influenced the price of the asset by posting about on the social-media network now known as X.

Now the coin has inspired an exchange-traded product. Dogecoin currently changes hands at around 28 cents; it has risen some 15% over the past week as traders awaited the listing of the ETF, according to Tradingview. The joke, it seems, has legs: The market cap of Dogecoin is above $42 billion, according to CoinMarketCap.

Rex-Osprey has a number of other crypto ETFs live or in the works; one that follows XRP also began trading today. A Rex-Osprey TRUMP ETF currently under review at the SEC, which is for the controversial meme coin associated with current U.S. President Donald Trump.

The ETF arrives as investors have lately flocked to a range of new crypto- and crypto-linked assets, from IPOs—among them Bullish (BLSH) and Circle (CRCL)—to bitcoin and altcoin Treasury stocks and tokens.

There could soon be a rush of new exchange-traded products in particular, with Bloomberg analyst James Seyffart earlier this year telling Investopedia to expect a spate of crypto products to get regulatory approval in the second half.