The cryptocurrency landscape continues to evolve as new instruments emerge, providing innovative opportunities for investors. Recently, 21Shares introduced a Spot Dogecoin ETF, aptly named TDOG. This launch has sparked interest as the market seeks to engage with the beloved dog-themed cryptocurrency amidst an air of caution and speculation.
21Shares Unveils Dogecoin ETF
On January 22, 21Shares officially launched its Spot Dogecoin ETF, TDOG, on the NASDAQ. This ETF offers investors direct exposure to Dogecoin, ensuring that each share is backed by an equivalent amount of DOGE, safeguarded in high-quality custody. This model promotes a higher level of transparency for investors.
With the TDOG ETF, the US market now sees three different Dogecoin ETFs, joining the ranks of Grayscale’s GDOG and Bitwise’s BWOW. Furthermore, 21Shares enjoys a unique position as it is allied with the House of Doge, enhancing its credibility in the Dogecoin community.
As a leading cryptocurrency ETF issuer, 21Shares shows commitment by continually expanding its offerings, following the release of products such as TSOL, a Solana ETF last November, ARKB (Spot Bitcoin ETF from January 2024), and TETH (Ethereum ETF launched mid-2024). This highlights 21Shares’ dedication to facilitating access to essential digital assets for institutional investors.
Federick Brokate, the Global Head of Business Development at 21Shares, pointed out the significance of DOGE’s active community and its expanding applications. He emphasized that the TDOG ETF opens doors for investors to engage with Dogecoin in a traditional finance-setting through a framework they trust.
Marco Margiotta, CEO of House of Doge, added that the launch of TDOG plays a critical role in integrating Dogecoin further into traditional markets. He remarked that the collaboration with 21Shares would enhance accessibility as the Dogecoin ecosystem continues to grow.
Performance of the 21Shares Dogecoin ETF to Date
Despite the initial excitement surrounding the TDOG launch, the ETF faced challenges on its first trading day, reflecting tepid investor interest in the product. According to SoSoValue data, TDOG recorded no capital inflows on January 22 and saw a slight decline of approximately 0.07%. As of the second trading day, the ETF still reported stagnant flows.
This trend of low performance has been evident across all existing Dogecoin ETFs. Both Grayscale’s GDOG and Bitwise’s BWOW recorded minimal activity, with the last substantial inflow for GDOG occurring on January 8, totaling around $333,083. This follows a notable inflow of about $2.3 million earlier in January. Since launching in November 2025, GDOG has also encountered significant periods of inactivity, showcasing the volatile nature of investments in meme-based cryptocurrencies.
