21Shares Unveils Spot Dogecoin ETF, Enhancing US Crypto Investments
The US cryptocurrency landscape has witnessed the arrival of a fresh investment opportunity as 21Shares introduces the Spot Dogecoin ETF. This move presents investors with yet another channel to tap into the widely recognized dog-themed meme cryptocurrency, Dogecoin. Trading activities for this ETF have commenced amidst a blend of intrigue and caution, with on-chain analytics providing early insights into its performance thus far.
Introduction to 21Shares’ Dogecoin ETF
On a notable Thursday, January 22, 21Shares made headlines as it officially launched the Spot Dogecoin ETF, aptly named TDOG, which started its trading journey on the NASDAQ that very day. This groundbreaking ETF offers investors the chance to gain direct exposure to Dogecoin, all through a mechanism that is fully backed, regulated, and transparent. Each ETF share is meticulously supported 1:1 by Dogecoin securely held in institutional-grade custody.
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Remarkably, the debut of the TDOG ETF increases the total number of Dogecoin ETFs available in the US to three, joining the ranks of Grayscale’s GDOG and Bitwise’s BWOW. Additionally, 21Shares stands out as the sole ETF provider officially supported by the House of Doge, the authoritative corporate entity of the Dogecoin foundation. This endorsement underscores the global asset manager’s strong affiliation with the meme cryptocurrency.
As a prominent issuer of cryptocurrency ETFs, 21Shares continues to broaden its range of crypto investment products with the introduction of TDOG. This follows the company’s previous ETF launches, including the TSOL Solana ETF in November 2025, the ARKB Spot Bitcoin ETF in January 2024, and the TETH Ethereum ETF in July of the same year. Collectively, these offerings reflect 21Shares’ dedication to offering institutional-grade avenues for accessing high-demand digital assets.
Federick Brokate, the Global Head of Business Development at 21Shares, emphasized DOGE’s vibrant and expansive global community, describing it as a distinctive digital asset with continually evolving use cases. He expressed that the new TDOG ETF will provide investors with regulated, physically backed exposure through a familiar and trusted ETF structure.
Marco Margiotta, CEO of the House of Doge, also commented on the recent launch by 21Shares. He remarked that TDOG represents a significant step towards facilitating easier access to Dogecoin through conventional financial systems. Margiotta also revealed that the collaboration between House of Doge and 21Shares aims to foster greater participation as the Dogecoin ecosystem matures.
Performance Analysis of 21Shares Dogecoin ETF
Despite initial excitement, the launch of the 21Shares Dogecoin ETF experienced a subdued performance on its first trading day, reflecting a tepid investor response to the product. Insights from SoSoValue indicate that TDOG saw no inflows on January 22, experiencing a slight decline of approximately 0.07%. As of the second trading day, the DOGE ETF has yet to report any inflows, highlighting a cautious market sentiment.
This trend of underperformance has been observed across all Dogecoin ETFs throughout the week. Both Grayscale’s GDOG and Bitwise’s BWOW reported no inflows over the past week. The last notable activity for GDOG occurred on January 8, with investments totaling around $333,083. Prior to that, the ETF witnessed its highest inflows on January 2, amounting to approximately $2.3 million. Since its inception in November 2025, GDOG ETF inflows have been inconsistent, with more periods of inactivity than substantial investments.
Conclusion
In conclusion, while the introduction of the 21Shares Spot Dogecoin ETF signifies an important development in the US crypto market, the initial response has been less enthusiastic than anticipated. As the market continues to evolve, investors and industry observers will closely monitor the performance and uptake of this new investment vehicle. With a focus on delivering a regulated and secure investment option, 21Shares remains committed to expanding access to popular digital assets for a broader audience.
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