21Shares Updates Dogecoin ETF Filing

Digital asset manager and ETF issuer 21Shares is one step closer to launching its spot Dogecoin exchange-traded fund (ETF) in the United States. The company has filed an amendment revealing key aspects of the upcoming crypto-focused fund, such as its fee structure and additional operational details.

If approved by the Securities and Exchange Commission (SEC), the 21Shares Core Dogecoin ETF could become the third physically-backed investment vehicle tracking the ninth-largest cryptocurrency’s real-time market price, after the Grayscale Dogecoin Trust ETF (GDOG) and Bitwise Dogecoin ETF (BWOW), which began trading on NYSE Arca at the end of November.

21Shares Files S-1 for Spot DOGE ETF, Specifies Fees; Listing Expected on Nasdaq

On Tuesday, 21Shares filed a new amendment to its S-1 registration, disclosing the product’s fee structure and ticker symbol. The fund’s sponsor fee has been set at 0.50% of its net asset value, which will be charged daily and paid weekly in DOGE. 

The ETF will trade under the ticker symbol TDOG on the Nasdaq once approved. It is a regular spot vehicle that will directly hold DOGE, and track the memecoin’s dollar price through the CF Dogecoin-Dollar US Settlement Price Index without any leverage or active trading.

The 0.50% charge covers nearly all operational costs, from custody to administration, marketing, trustee duties, and routine legal and audit work. Any expenses outside normal operations, such as taxes, lawsuits, or indemnification, would require the company to offload the trust’s DOGE holdings.

Transaction fees for creations and redemptions of the ETF’s shares fall on authorized participants and can be adjusted by the sponsor with prior notice. The 0.50% rate puts TDOG in the middle of the pack compared to other spot crypto ETFs, as it offers a relatively straightforward entry point for investors who want direct DOGE exposure through a regulated product.

Unlike other issuers who often offer temporary discounts to attract potential investors, 21Shares has not disclosed any fee waiver in the current filing. The company is expected to make a related announcement before the TDOG’s official launch.

The issuer has also retained an amendment addressing delays in the filing, including an 8(a) submission, which will automatically approve the spot dogecoin ETF under the SEC’s new generic listing guidelines once the necessary conditions have been met after 20 days of filing. The S-1 noted that there will be no further amendments unless required by the securities regulator.

BNY Named Administrator for 21Shares Dogecoin ETF, Seeds $1.5M

21Shares has named several institutions to manage the assets of its Dogecoin trust. The Bank of New York Mellon has been named as the fund’s administrator, cash custodian, and transfer agent. 

Additional custodians include Anchorage Digital Bank and BitGo, who will ensure the secure handling of the trust’s assets. Wilmington Trust NA will serve as trustee, with Foreside Global Services handling marketing, and Cohen & Company handling the ETF’s accounting. The company also revealed that it has allocated $1.5 million in seed capital for DOGE purchases before TDOG’s Nasdaq debut.

The filing comes at a time when Dogecoin ETFs are actively trading on Wall Street. Apart from a spot market ETF, the company also offers the 21Shares 2x Long Dogecoin ETF (TXXD) – a leveraged product that promises traders twice the exposure from the daily price performance of DOGE, minus fees and expenses. This product was launched on Nasdaq on November 20.

Grayscale’s Dogecoin Trust ETF (GDOG) began trading on NYSE Arca after it was successfully converted from a closed-end fund into a spot ETF on November 24. The product debuted with roughly $1.4 million in trading volume and about 94,700 outstanding shares. The company had set a 0.35% management fee but temporarily waived it, resulting in a zero expense ratio until its assets hit a specified threshold or for the first three months, whichever occurs first.

This was followed by the Bitwise Dogecoin ETF (BWOW), which began trading on the NYSE on November 26. It charges a 0.34% management fee, but that has been waived until the fund reaches $500 million in assets. This makes BWOW one of the cheapest options to gain exposure to DOGE.

DOGE ETFs Underwhelm; $15 Close Needed to End Bearish Structure

According to SoSoValue, on December 3, US spot Dogecoin ETFs saw net inflows of $177,250, with a daily trading volume of $299,800. Grayscale’s GDOG was the only fund that recorded inflows for the day. GDOG and Bitwise’s BWOW together hold nearly $7 million in net assets, representing 0.03% of Dogecoin’s $24.26 billion market capitalization. 

Since their launches, both funds have attracted only $2.85 million total inflows, which is far below the BTC and ETH benchmarks.

DOGE has been underperforming the broader crypto market over the past 24 hours. Its decline reflects technical resistance and cooling ETF momentum. The memecoin faced rejection at the $0.165 resistance level, which aligns with a descending trendline from the token’s November highs. The price remains trapped in a symmetrical triangle pattern, indicating indecision in the market.

Dogecoin’s repeated failure to breach its resistance has eroded bullish confidence. Its daily RSI (46) and weak MACD histogram (+0.0013) suggest neutral-to-bearish momentum. However, a breakdown below the triangle pattern’s lower trendline of $0.145 could accelerate losses. A sustained close above the 23.6% Fib level of $0.153 could invalidate the bearish structure.

At the time of writing, Dogecoin (DOGE) is trading at $0.1499 – up 0.08% in 24 hours.

Also Read: PEPE Price Prediction: Meme Coin Rebounds From Yearly Low – Is a Trend Reversal Coming?