Dogecoin ETF Gets Closer: 21Shares Reveals New Fees, Custodians, and Sparks Market Buzz
21Shares Dogecoin ETF Advances With Updated S-1 Filing, Fee Structure Revealed as Market Anticipates TDOG Listing
The push to bring a spot Dogecoin exchange-traded fund (ETF) to the United States has officially taken another significant step forward. 21Shares, a leading digital asset management firm and one of the most active ETF issuers in the crypto space, has submitted an updated S-1 registration statement to the U.S. Securities and Exchange Commission (SEC), strengthening the ongoing race to introduce the first fully regulated DOGE ETF to the market.
The amended filing outlines new operational details, fee structures, key partners, and custodial arrangements for the upcoming fund, which is expected to trade under the ticker symbol TDOG on Nasdaq once approved. While approval has not yet been granted, market confidence appears to be growing rapidly. Shortly after the update was made public, Dogecoin surged past the $0.15 level, recording more than 11 percent growth in 24 hours, signaling a renewed wave of optimism around what could become a milestone moment for meme coin adoption in traditional finance.
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| Source: sec.gov |
The update marks the fifth amendment submitted by 21Shares, signaling the company’s persistent effort in positioning Dogecoin among mainstream regulated investment products. Analysts now suggest that TDOG could potentially debut as early as late December or early 2026, pending formal SEC approval.
Fee Structure Confirmed: 21Shares Sets TDOG Expense Ratio at 0.50%
For the first time, the latest filing publicly confirms management and administrative terms, shedding light on the operational foundation of the ETF. According to the S-1 amendment, the management fee is set at 0.50 percent, charged daily and paid weekly in Dogecoin. This places TDOG within a competitive range of existing spot digital asset ETFs, neither the cheapest nor the most expensive, but potentially enticing to new investors seeking regulated exposure to DOGE without navigating crypto exchanges directly.
The updated S-1 also lists major institutional partners responsible for safeguarding and operating the fund:
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Administrator & Custodian: Bank of New York Mellon
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Additional Digital Custodians: Anchorage Digital Bank and BitGo
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Trustee: Wilmington Trust NA
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Marketing Agent: Foreside Global Services
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Auditing Firm: Cohen & Company
This arrangement demonstrates a multi-layered custodial structure, designed to enhance asset protection and reduce systemic risk. The ETF will hold Dogecoin directly rather than through derivatives, leverage, or swap-based instruments. Tracking will be based on the CF Dogecoin-Dollar Settlement Index, offering transparent price discovery aimed at institutional investors.
However, the document still contains a delaying amendment, meaning the product cannot officially launch until the SEC declares the filing effective. While no timeline has been confirmed, the frequency of amendments signals ongoing collaboration and progression toward final approval.
Dogecoin Market Reacts Immediately, Trading Volume Spikes as ETF Momentum Grows
Following the filing update, the crypto market saw an immediate reaction. Dogecoin rose to approximately $0.1500, gaining 9.43 percent in daily performance and pushing trading volume up by more than 40 percent to $1.8 billion within the same period. This drove DOGE into one of the day’s top-performing large-cap cryptocurrencies, as traders and institutional desks positioned ahead of what could become a historic launch for the meme-coin sector.
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| Source: CoinMarketCap |
Price movement reflects increasing speculation that regulatory approval may trigger a wave of inflows similar to what Bitcoin experienced following its spot ETF approval. While Dogecoin's fundamentals differ from BTC, investor sentiment appears to be leaning toward a bullish outlook for the asset’s institutional future.
Technical analysis further supports the potential for extended upside. DOGE recently broke above a key trendline resistance, with momentum building across multiple exchanges.
Key technical indicators:
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Trading above short-term trend resistance levels
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RSI at 45.19, leaving headroom for upward continuation
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Futures open interest increased 8 percent to $1.50 billion
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Derivatives OI rising across Binance, OKX, and Bybit
Even though DOGE remains below its 50-day and 200-day moving averages, analysts note that increased ETF activity and growing open interest could trigger a mid-term reversal if price holds current support zones.
ETF Wave Expands: Grayscale and Bitwise Join the Dogecoin Race
Competition in the Dogecoin ETF arena has intensified significantly over recent weeks. Besides 21Shares, two major players are actively preparing their own DOGE products.
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Grayscale has converted its Dogecoin Trust into a spot ETF under the ticker GDOG
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Bitwise is preparing to list a Dogecoin product under BWOW
The convergence of institutional issuers around Dogecoin highlights shifting market perception. What started as a meme coin is now positioning itself as a fully regulated, exchange-traded asset with direct exposure available to pension funds, hedge funds, retail investors, and even brokerage platforms traditionally restricted from digital assets.
With three ETF vehicles now awaiting approval, analysts suggest that DOGE could soon enter a new phase of adoption. If even one product secures a green light, the others may quickly follow, similar to the rapid ripple effect in Bitcoin ETF approvals.
Ahead of launch, 21Shares has allocated $1.5 million in seed funding, which will be used to purchase Dogecoin during the initial creation phase of TDOG shares. Seed capital is widely viewed as a strong indicator of issuer commitment and often precedes live trading.
Why the Fee Disclosure Matters for Investors and Market Outlook
The fee announcement marks a crucial milestone, as expense ratios often determine adoption success during early ETF phases. At 0.50 percent, TDOG sits within a range that balances accessibility with operational sustainability. Some critics argue it could be reduced further to mirror aggressive Bitcoin ETF fee cuts seen during competitive rollout. Others believe the current rate is justified due to the niche nature of Dogecoin exposure.
The fund is structured as a simple spot ETF, meaning investor gains or losses mirror Dogecoin market movement directly. This clarity is likely to attract retail traders, meme-coin enthusiasts, and long-term holders seeking secure custodial management without self-storage risks such as private key loss.
While approval is not guaranteed, regulatory engagement has noticeably increased compared to earlier years when meme coins were widely dismissed. The inclusion of legacy financial entities such as Bank of New York Mellon reinforces the shift from speculative novelty to institutionally recognized asset class.
Looking Ahead: Can Dogecoin Become the Next Mainstream Crypto ETF?
Though the final decision remains in the SEC’s hands, the updated amendment places TDOG near the final stages of the registration lifecycle. If approved, Dogecoin would join Bitcoin and Ethereum within the elite group of spot cryptocurrency ETFs available to U.S. markets.
Market strategists suggest approval could open doors to new liquidity, increase volatility during early inflow periods, and potentially fuel a price discovery rally driven by retail demand. Others caution that ETF excitement alone may not sustain long-term valuations without ecosystem expansion, merchant adoption, and improved transaction efficiency.
Still, one thing is increasingly clear: Dogecoin is no longer merely a meme born on the internet. It is evolving into a fully tradeable asset positioned for institutional integration. With three issuers competing to launch the first DOGE ETF, the final quarter of 2025 may mark a turning point for one of crypto’s most iconic tokens.
The filing update from 21Shares does not guarantee approval, but it signals that the long-awaited Dogecoin ETF era is closer than ever.
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