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The Dogecoin Foundation-backed spot Dogecoin ETF began trading on traditional financial markets today.
Issued by 21Shares, the product is listed on Nasdaq under the ticker symbol TDOG. The ETF offers individual and institutional investors exposure to Dogecoin without using cryptocurrency exchanges or self-custody wallets.
This product stands out from its competitors as it is the first and only spot DOGE ETF to receive official approval from the Dogecoin Foundation, which has been supporting Dogecoin’s decentralized development and community since 2014. Previously, two separate spot DOGE ETFs were launched in November, one by Grayscale and the other by Bitwise; however, these products did not receive the foundation’s support.
21Shares’ ETF also holds the distinction of being the first spot Dogecoin ETF to receive explicit approval from the U.S. Securities and Exchange Commission (SEC). Grayscale and Bitwise’s products were launched through an automated process shortly after the U.S. government shutdown; they did not involve direct agency approval. The SEC’s approval earlier this month marks a critical milestone, as it officially classifies Dogecoin as a “non-security” for the first time.
21Shares President Duncan Moir said the product would particularly appeal to young, affluent investors interested in crypto but who invest through traditional brokerage firms. Pointing to the momentum Bitcoin and Ethereum ETFs have gained on Wall Street, Moir argued that Dogecoin, with its strong online community and high market capitalization, could be the next candidate.
*This is not investment advice.