The first exchange-traded fund (ETF) built around a meme coin could hit the market this week, after multiple delays and much speculation.

The DOGE ETF — formally called the Rex Shares-Osprey Dogecoin ETF (DOJE) — was originally slated to debut last week, alongside a handful of politically themed and crypto-related ETFs. Those included funds tied to Bonk (BONK), XRP, Bitcoin (BTC) and even a Trump-themed fund. But DOJE’s debut never materialized.

Now, Bloomberg ETF analysts Eric Balchunas and James Seyffart believe Wednesday is the most likely launch date, though they caution nothing is certain.

“It’s more likely than not,” Seyffart said. “That seems like the base case.”

Ahead of the introduction of the ETF, DOGE has been among the top performers over the past month, ahead 15% even including a decline of 3.5% over the past 24 horus.

If launched, DOJE would mark a milestone as the first U.S. ETF to focus on a meme coin — cryptocurrencies that generally lack utility or a clear economic purpose. These include tokens like Dogecoin, Shiba Inu (SHIB) and Bonk, which often surge in popularity thanks to internet culture, celebrity endorsements and speculative trading.

Balchunas described DOJE’s significance in a post on X: “First-ever US ETF to hold something that has no utility on purpose.”

DOJE is not a spot ETF. That means it won’t hold DOGE directly. Instead, the fund will use a Cayman Islands-based subsidiary to gain exposure through futures and other derivatives. This approach sidesteps the need for physical custody of the coin while still offering traders a way to bet on its performance within a traditional brokerage account.

The ETF was approved earlier this month under the Investment Company Act of 1940, which is typically used for mutual funds and diversified ETFs. That sets it apart from the wave of bitcoin ETFs that received green lights under the Securities Act of 1933, a framework used for commodity-based and asset-backed products. In short, DOJE is structured more like a mutual fund than a commodity trust.

More direct exposure may be coming soon. Several firms have filed applications to launch spot DOGE ETFs, which would hold the meme coin itself rather than derivatives. These applications are still under review by the U.S. Securities and Exchange Commission (SEC), which has grown more comfortable with crypto ETFs since approving a slate of bitcoin products in early 2024.

The broader crypto market has shown that investor demand can outweigh fundamental critiques. Meme coins have long drawn skepticism for having no underlying value or use case, but that hasn't kept them from drawing billions in speculative capital.

Seyffart said the ETF market is likely to follow the same path. “There's going to be a bunch of products like this, whether you love it or need it, they're going to be coming to market,” he said.

He added that many existing financial products serve no deeper purpose than providing a vehicle for short-term bets. “There’s plenty of products out there that are just being used as gambling or short-term trading,” he said. “So if there's an audience for this in the crypto world, I wouldn't be surprised at all if this finds an audience in the ETF and TradFi world.”

Whether the DOJE ETF opens the door to more meme coin funds — or just proves the concept is viable — may depend on how the market responds this week. Either way, it signals a new phase in the merging of internet culture and traditional finance.