21Shares has received regulatory clearance to launch its spot Dogecoin exchange-traded fund in the United States. The fund will trade under the ticker TDOG after the company filed its final prospectus with the Securities and Exchange Commission.
The approval marks the third Dogecoin ETF to enter the U.S. market. Grayscale and Bitwise previously launched similar products in November 2025. The new fund provides institutional and retail investors with another regulated avenue to gain exposure to the popular memecoin without directly holding the digital asset.
Dogecoin traded at $0.1366 at the time of writing, representing a 2.20% decrease over 24 hours. The price remained relatively stable despite the regulatory milestone, fluctuating between $0.135 and $0.142 during early trading sessions.
DOGE’s price action over the past 24 hours (Source:CoinCodex)
Fund Structure and Management Details
The 21Shares Dogecoin ETF will track the CF Dogecoin Dollar US Settlement Price Index to mirror spot DOGE valuations. The fund carries a management fee of 0.50%, which will be charged daily and settled weekly in Dogecoin tokens.
Unlike some competing products, 21Shares did not include a fee waiver in its filing. The company has assembled a team of established financial institutions to handle various operational aspects of the fund.
Bank of New York Mellon will serve as the administrator, cash custodian, and transfer agent for the ETF. Digital asset custody responsibilities will be distributed among three providers: Coinbase Custody Trust, Anchorage Digital Bank, and BitGo. This multi-custodian approach aims to enhance security and reduce counterparty risk for fund investors.
The structure enables traditional investors to access Dogecoin through brokerage accounts, eliminating the need to navigate cryptocurrency exchanges or manage private keys. Tax reporting becomes simplified as the ETF generates standard 1099 forms rather than requiring cryptocurrency-specific documentation.
Market Response and Trading Activity
Trading volume for Dogecoin surged 152.09% in the 24 hours following the announcement, reaching $1.22 billion. The volume spike indicates heightened market interest beyond typical price-driven activity.
Futures market data presented a mixed picture of trader sentiment. Open interest increased on Binance and OKX exchanges, suggesting new positions being established. However, Bybit and Gate saw declining open interest during the same period.
