The success of Bitcoin and Ethereum ETFs in 2024 has been a game-changer for both cryptocurrency and traditional financial markets. Now, with President-elect Donald Trump’s crypto-friendly agenda, speculation is growing about whether Dogecoin (DOGE), the meme-born cryptocurrency, could follow suit with its own exchange-traded fund in 2025.
President-elect Trump has vowed to make the U.S. the “bitcoin capital of the world,” and his administration is already shaping up to be crypto-forward. Notably, he created the meme-inspired Department of Government Efficiency (DOGE), led by Dogecoin enthusiast Elon Musk.
Nate Geraci, President of ETF Store, sees potential under the new administration. “The hope is that the new administration moves quickly to designate which crypto assets are securities and which aren’t,” Geraci said. “Once that framework is in place, the approval path for additional spot crypto ETFs should become much clearer.”
While fund managers are racing to capitalize on the momentum—Cboe BZX recently filed for four Solana ETFs, with expectations for approval by mid-2025—the outlook for a DOGE ETF is less certain.
“I’m quite confident we’ll see a Solana ETF trading in the first half of 2025,” said a crypto analyst with All-Star Charts, “DOGE [is] far less likely… let’s just say Wall Street prefers assets that weren’t born as a meme.”
Despite its origins, Dogecoin is now the sixth-largest cryptocurrency, trading at $0.40 with a market cap of $59 billion.
Bloomberg’s senior ETF analyst Eric Balchunas believes, “Today’s satire is tomorrow’s ETF. Someone will try it because… why not?” However, Dogecoin faces hurdles in proving fair market dynamics due to highly concentrated holdings.
With Gary Gensler stepping down as SEC Chair in early 2025, the crypto industry could see a more favorable regulatory environment. Former CFTC Chair Chris Giancarlo, a frontrunner for the newly proposed “Crypto Czar” role, may play a pivotal part in shaping this landscape.
Whether Dogecoin ETFs materialize or not, the era of crypto-focused financial products appears to be just beginning under Trump’s administration.
