21Shares launches TDOG — Nasdaq spot Dogecoin ETF backed by Dogecoin Foundation
21Shares has launched TDOG, a spot Dogecoin (DOGE) exchange-traded fund trading on Nasdaq that delivers one-to-one, physically backed exposure to DOGE. The fund is backed by the Dogecoin Foundation and is the first spot DOGE ETF to receive explicit SEC approval, distinguishing it from earlier November 2025 launches by Grayscale and Bitwise that went live without formal sign-off. TDOG offers institutional-grade custody, can be bought and sold through standard brokerage accounts without crypto wallets, and charges a 0.50% annual management fee (accrued daily and paid weekly in DOGE). 21Shares cites DOGE’s low fees, fast transactions and strong community as reasons it suits real-world payments. At publication DOGE traded near $0.1249, well below its 2024 post-election peak above $0.45. The launch is part of 21Shares’ broader strategy to expand its spot crypto ETF lineup (including BTC, ETH, SOL, XRP) and to grow in North America, Latin America and Europe; the firm has also partnered with FalconX to enhance brokerage, liquidity and lending capabilities.
Bullish
The TDOG launch is likely bullish for DOGE price action. Explicit SEC approval and endorsement from the Dogecoin Foundation reduce regulatory uncertainty and widen the investor base by allowing retail and institutional flows through standard brokerages without self-custody. Physical one-to-one backing and institutional-grade custody lower operational and counterparty risk, which can attract new capital. The 0.50% fee and DOGE-denominated fee payments may modestly increase sell pressure, but this is likely outweighed by increased demand from ETF inflows. Short-term: expect heightened volatility as traders price in initial flows and positioning, with potential price spikes on launch-related demand. Mid-to-long term: sustained ETF inflows, broader accessibility and clearer regulatory treatment should support demand and price discovery, making the structural outlook positive for DOGE compared with pre-ETF conditions. Risks include larger-than-expected outflows, market-wide crypto sell-offs, or adverse regulatory developments that could negate the positive impact.