ETF and the Treasury together, can the dog coin make a $1 dream of going to the moon?

The dog coin, a meme coin born of a joke, has several times aroused market fanaticism. At first, the dog coin was just a secret, classified as a pocket currency. By 2021, it had soared to a high of $0.73 by being twittered by Mask, and it had been endlessly close to the symbolicly strong $1 level. However, after the collapse of the cattle bubble in 2021, the price of the dog currency fell, and the dream of investors to the moon faded.

*Data source non-minus: https://www.feixiaohao.com/currences/dogecoin/

Today, with the upcoming launch of the first Wall Street dog-related ETF and the high-profile incorporation of the dog money into the company's treasury by a number of American stock listed companies, the market's expectation that the dog money would return to the dollar seems to have been set on fire again. Is this new carnival a real milestone in the mainstream of dog money, or is it an escalation of another speculative game?

First, the first dog coin in history, ETF, is about to be traded on the United States market. According to Eric Balchunas, a Bloomberg analyst, REX, in collaboration with Osprey Foundation, originally scheduled to be listed in mid-September with the dog ETF (code: DOJE), was delayed several times before the release. It is now expected that the market will officially land next week. This fund is remarkable not only because it is the first ETF in the United States market to be marked by memes, but also because it uses an unconventional approval route, opening up Wall Street for speculative dog coins.

The so-called non-conventional approval path refers specifically to the difference with the traditional spot ETF, which is achieved only by the ETF, which belongs to the dog, through alternative channels under the derivative structure. According to the fund description document, REX-Osprey canine ETF does not directly hold or host the dog currency, but rather uses the derivative contract to synthesize dog currency price openings through the fund structure registered under the Investment Company Act of 1940. Specifically, the Fund established a wholly-owned subsidiary registered in the Cayman Islands to track the market price of DOGE through derivatives such as swaps, futures and so forth, rather than directly purchasing dog coins.

This design was designed to meet the requirements of the 1940 Act for the concentration and decentralization of the Fund's investments, and the Fund under the 1940 Act could circumvent the restrictions on the need to hold spot goods as compared to the goods trusted ETF under the 1933 Securities Act. As a result, the USSEC has a relatively loose process for the approval of such funds, which can be issued automatically, provided that there is no express objection within 75 days of the submission of the application. Most of the previous ETFs in mainstream currencies such as Bitcoin and the Taifung used the spot trust model of the 1933 Act, requiring the formal approval of the SEC, while DOJE’s curve-saving strategy provided a whole new idea for the entry of the moustache into Wall Street.

Coincidentally, just as REX-Osprey's derivative ETF is about to appear, industry-old asset-management companies are also trying to bring dog coins to the ETF stage, except that their strategy is a positive breakthrough. In mid-August, the greyscale formally submitted to the SEC an application for the conversion of the greyscale dog money trust to the spot ETF (S-1), to be listed in Arca, NYC, code GDOG.

This marked the first time in the U.S. market that a real-time ETF application was made in mein currency, and a more critical step for DoGE to move from a community joke to a mainstream investment circle on Wall Street. This is not surprising, as it was one of the largest encrypted asset management agencies in the world, and it was long before the creation of the Grey Dog Note Trust product, which allowed eligible investors to hold DOGE indirectly through the Trust. But it is clear that greyscale has greater ambition. With the successful conversion of its flagship Bitcoin Trust (GBTC) and the Tai Faw Trust to the first spot bitcoin in the United States, the Tai Fung ETF in ashscale in 2024, they would like to replicate this model and upgrade the DOGE Trust to ETF.

The greatest difference between the grey-scale version of DOGE ETF and the aforementioned REX-Oprey ETF is the way the bottom asset is configured. The greyscale application is for the traditional commercial-type spot ETF, which plans to hold in-kind dog coins directly as the Fund ' s assets and is hosted by Coinbase Custody and serves as fund manager at BNY Mellon to ensure a stock of DOGE equivalents. This means that, once approved, each share of GDG represents a certain amount of dog money that is physically endorsed by investors who buy and sell GDGs through a securities account equal to the corresponding amount. The advantage of this product structure, which is the same as the previous bitcoin spot ETF, is that the tracking error is small, that the market value of the fund is essentially in line with the spot price of DOGE and that premiums or discounts can be suppressed through a first-market foreclosure mechanism. However, it is also because it is a fund that actually buys encrypted money, and the greyscale has to follow the approval process of the Securities Act of 1933, requiring the explicit nodal agreement of the SEC to be listed. The road is difficult and the SEC has been cautious about the cash ETF in Yamama currency and has repeatedly delayed applications for more than one spot ETF, including dog coins, XRP, Solana, etc.

In addition to the ETF boom in capital markets, a business-led dog bank is also emerging. The digital asset bank refers to the incorporation of encrypted money into the company ' s balance sheet for long-term holding as a reserve or strategic asset, similar to the previous practice of holding gold or foreign exchange reserves. This concept was first promoted by Tesla, MicroStrategy and others by buying bitcoin as a company reserve asset, and now a similar episode is taking place on the doggycoins. Since the second half of this year, several listed companies have announced the establishment of a reserve of dog coins, which has given rise to market concerns. In particular, a small American stock company called CleanCore Solutions was the most high-profile, trying to become the headchair of the dog strategy.

CleanCore Solutions (NYSE Code: ZONE), a company that owned the clean-cleaning technology, posted headlines in major financial media in September 2025 for dog coins. On 8 September, CleanCore announced the purchase of 285.42 million DOGEs (valued at approximately $68 million) through a new treasury strategy under the flag to officially launch the official dog bank. According to a press release issued by the company, this treasury scheme is supported by the Dogcoin Foundation and its new business sector, House of Doge, with the common goal of accumulating 1 billion DOGEs within 30 days and gradually increasing the hold hold to 5 per cent of the supply in the longer term.

Marco Margiotta, Chief Investment Officer of CleanCore, stated that the company wanted to use it to position the dog currency as the first reserve asset, while supporting its wider application in the areas of payments, monetization, equity gains and global remittances. He referred to the dog currency as the currency of the people, and believed that as House of Doge promoted practical scenes, DOGE was expected to become a global digital currency with a daily trade and long-term value.

CleanCore sent a strong signal to the market that the age of the dog coin as a company ' s asset reserve had either begun. In fact, CleanCore is not the only company that eats crabs early. In July of this year, Bit Origin announced that up to $500 million would be used by Bitcoin mining to build a reserve of dog coins. The sudden turn of Bit Origin, a mining company based in Bitcoin, was remarkable. It is reported that the company plans to raise funds, including through increased financing, and then buy a large number of DOGEs for future business payments and even explore the use of dog coins in new energy sources and payment settlements.

Another interesting case is a small off-site trading company called Dogecoin Cash. Originally engaged in cannabis-related operations, the company changed its name to Dogecoin Cash in the first half of the year and announced the establishment of a dog currency reserve. However, the market did not buy: instead of rising, the company ' s share price fell after the news was released. It is clear that investors have gradually been able to distinguish between a serious strategic transformation of an enterprise or a cascading hysteria. By contrast, operations such as CleanCore and Bit Origin have attracted more attention because of real silver and silver inputs and real currency purchases, while such a job as Dogecoin Cash, which is not supported by substantive business, cannot escape the fate of market sales.

无论是ETF的推出，还是企业财库的建立，其背后一个共同的指向就是市场对于狗狗币未来价值得到进一步提升的憧憬。在狗狗币社区中，1 DOGE = 1 USD一直是一种近乎信仰的目标价位，不仅因为整数关口意义非凡，更因为按当前流通量计算，1美元意味着狗狗币将真正从玩笑变成巨无霸。然而，要问1美元之梦能否成真，答案恐怕依然取决于市场周期和人心的博弈。若山寨市全面爆发，加之DOGE社区合力催化，不排除它乘风再创历史新高的可能。但若宏观环境不配合，或狂热过后归于理性，狗狗币的价值或许仍将回归其内在基本面所能支撑的水平。在投资世界里，梦想与现实永远此消彼长。对于手握DOGE的投资者来说，也许最明智的态度是在相信故事的同时，时刻保持清醒。毕竟，人民的货币要实现登月神话，需要的不仅是激情，还有持续的应用价值和理性的资金护航，1美元也好，To the Moon也罢，这场狂想曲的终章，或许才刚刚开场。