Memecoin ETFs such as DOGE, BONK, and PENGU are now the regulatory stress test: they force the SEC to decide whether “culture as an asset class” deserves the same custody, valuation, and surveillance safeguards as spot copper or wheat.
Solana and XRP approvals did not lower the bar; they simply proved the bar is objective—deep, liquid, manipulation-resistant markets.
Meme tokens meet the first criterion (two-way flow > $100 m/day), but fail the second: concentrated ownership, viral reflexivity, and TikTok-driven volatility make manipulation trivial and surveillance opaque.
Consequently, these filings are less a “template” than a boundary-condition experiment: they map the exact coordinates where securities law ends and social-sentiment derivatives begin.
BONK ETF
The filing for a BONK ETF came alongside the TRUMP ETF as part of Rex Shares's strategy to push memecoin boundaries.
Since BONK has gained significant traction on Solana, it's a candidate for a more "serious" memecoin ETF due to strong retail engagement.
Rex Shares BONK ETF
- Filed: January 21, 2025
- Issuer: Rex Shares / Osprey
- Asset: BONK – a Shiba Inu-themed meme coin on Solana
Will the BONK ETF be approved? Factoring in other altcoins that have more utility and legitimacy than memecoins, the approval chance for a BONK ETF is very meek in the short-to-medium term.
Potential impact: If the BONK ETF is approved, it could open a can of worms and let other memecoin ETFs, like PEPE and FWOG, into the market.
TRUMP Memecoin ETF
The TRUMP token exploded in popularity in late 2024 as political discourse and meme culture collided.
Rex Shares TRUMP ETF
Of all the ETF filings in 2025, this was arguably the most controversial as it's the first serious attempt to wrap a memecoin with explicit political branding into an ETF.
Its ETF proposal promises to invest 80% or more of its assets in the token or the derivatives tied to it.
Will the TRUMP ETF be approved? Due to the political nature of the underlying asset, i.e., TRUMP memecoin, there is a high chance that this ETF may be rejected. Even ETF experts like Bloomberg's Eric Balchunas called the filing "surreal." Most analysts view this as a test case or a publicity play rather than a legitimate path to approval.
Potential impact: If this ETF is approved, this is a high reputational risk for the SEC.
