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Dogecoin (DOGE) traded in a tight range after 21Shares completed regulatory steps to launch a US spot Dogecoin exchange-traded fund. 21Shares filed an updated prospectus with the Securities and Exchange Commission. The filing positions the product to trade as TDOG once an exchange lists the shares. It targets investors who want regulation.
21Shares structured TDOG as a spot Dogecoin ETF that aims to track DOGE’s performance through the CF Dogecoin-Dollar US Settlement Price Index, net of fees and expenses. The prospectus describes the benchmark and CF Benchmarks Ltd., the index administrator. The firm publishes a once-daily settlement price from multiple DOGE-USD markets.
The US market has seen faster rollouts of spot crypto ETFs in recent months. Reuters reported that the SEC approved rule changes for spot crypto and other commodity ETPs. The changes let exchanges use generic listing standards. This approach can shorten the launch process for qualifying products.
The filing places TDOG among a growing set of US-listed Dogecoin funds. Grayscale began trading its Dogecoin Trust ETF, GDOG, on NYSE Arca on November 24, 2025. Bitwise followed with the Bitwise Dogecoin ETF, BWOW, which started trading on November 26, 2025.
The 21Shares prospectus lists a 0.50% management fee and does not include a fee waiver. The disclosure says the fee accrues daily and settles weekly in DOGE. This structure links fund costs to the token’s spot value.
21Shares named key service providers that support ETF operations and controls. Bank of New York Mellon will act as administrator, cash custodian, and transfer agent, according to the filing. The trust will use multiple digital-asset custodians, including Coinbase Custody Trust, Anchorage Digital Bank, and BitGo, to hold DOGE for the fund.
The structure aims to give investors spot Dogecoin exposure through brokerage accounts. It also uses ETF processes for share issuance, redemptions, and disclosures.
DOGE showed limited follow-through after the update. Market data showed DOGE trading near $0.137 in early sessions, with intraday moves clustered between $0.135 and $0.142.
Trading activity increased even as prices stayed range-bound, as a 24-hour volume rose to about $1.22 billion. Analysts suggest higher participation around the ETF launch window. Futures positioning stayed mixed, with open interest rising on some venues and easing on others.
Technical measures pointed to a balanced setup rather than a clear trend shift. DOGE hovered around its 50-day moving average and held close to neutral readings on the relative strength index. Traders now monitor resistance near $0.141 and nearby support zones while TDOG approaches its first trading sessions.
Policymakers outside the United States have also signaled interest in regulated crypto ETF access. South Korea’s government said it plans to allow spot digital asset ETFs. The plan forms part of its 2026 economic growth strategy, according to reports.
Also Read: XRP vs Dogecoin in 2026: Who’s Likely to Soar Higher?
