21Shares launched its spot Dogecoin (DOGE) exchange-traded fund on Nasdaq Wednesday, becoming the third cryptocurrency provider to offer regulated meme coin exposure to U.S. investors.
The TDOG fund began trading January 22 following the firm's final prospectus filing with the Securities and Exchange Commission.
21Shares holds the only Dogecoin ETF endorsement from House of Doge, the corporate arm of the Dogecoin Foundation that oversees the cryptocurrency's development.
What Happened
The TDOG product tracks Dogecoin's spot price using the CF Dogecoin-Dollar US Settlement Price Index.
Bank of New York Mellon serves as administrator, cash custodian, and transfer agent.
Digital asset custody duties are split among Coinbase Custody Trust, Anchorage Digital Bank, and BitGo.
The multi-custodian structure aims to reduce counterparty risk for fund investors.
The fund charges a 0.50% annual management fee, accrued daily and payable weekly in Dogecoin.
Unlike competitors, 21Shares did not include a fee waiver in its filing.
The structure allows traditional investors to access Dogecoin through brokerage accounts without managing private keys or navigating cryptocurrency exchanges.
Grayscale and Bitwise previously launched spot Dogecoin ETFs in November 2025.
Those products went live under the Securities Act of 1933's automatic approval process without explicit SEC sign-off.
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Why It Matters
The foundation endorsement differentiates TDOG from existing Dogecoin ETFs that lack official backing from the cryptocurrency's governing body.
This partnership gives 21Shares unique marketing rights and legitimacy that competitors cannot claim.
Institutional access to meme coins through regulated products expanded significantly in late 2025 following similar launches for Solana and XRP.
However, demand for altcoin ETFs has trailed Bitcoin (BTC) and Ethereum (ETH) products.
Dogecoin traded around $0.124 at the time of writing with a market capitalization near $21 billion.
The cryptocurrency ranks ninth by market cap despite declining approximately 58% year-to-date amid broader digital asset weakness.
Early trading volumes for competing Dogecoin ETFs disappointed analysts' expectations.
Grayscale's GDOG recorded $1.4 million in first-day volume when it debuted November 24, well below projections.
Bitwise's BWOW followed with a November 26 launch carrying a 0.34% management fee.
Traditional finance firms continue expanding cryptocurrency product offerings despite weak price action across most digital assets in early 2026.
The ETF structure provides tax-reporting simplification through standard 1099 forms rather than requiring cryptocurrency-specific documentation.
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