21Shares Dogecoin ETF is a Maryland statutory trust and exchange-traded fund whose Shares of beneficial interest trade on Nasdaq under the symbol TDOG. It seeks to track the price of Dogecoin using the CF Dogecoin-Dollar US Settlement Price Index, adjusted for expenses and liabilities.
The Trust holds Dogecoin with institutional custodians, largely in cold storage, and uses Coinbase and other providers for custody, prime brokerage, and trade execution. It charges a 0.50% annual Sponsor Fee, paid in Dogecoin, which covers most operating costs, while extraordinary legal and similar expenses are borne by the Trust.
The product is a passive vehicle, not registered under the Investment Company Act of 1940 and not a commodity pool. It is treated as a grantor trust for U.S. tax purposes, so income and gains pass through to shareholders. The Trust is an emerging growth company and benefits from reduced reporting and internal-control requirements.
The filing highlights extensive risk factors, including extreme Dogecoin price volatility, its unlimited supply, memecoin-related speculation, concentration of holdings, regulatory uncertainty over whether Dogecoin could be deemed a security, and operational and counterparty risks related to custodians, the prime broker and digital asset market structure.
21Shares Dogecoin ETF filed a prospectus supplement dated February 20, 2026 to include its Quarterly Report on Form 10-Q for the quarter ended December 31, 2025.
The Form 10-Q discloses operational and accounting details for the Trust, including that the Trust had 90,000 outstanding shares as of February 17, 2026, the Trust’s seed capital transactions (2 Shares for $100 on September 17, 2025; 60,000 Shares for approximately $1,500,000 on January 21, 2026), and that trading commenced on the Nasdaq under the ticker TDOG on January 22, 2026.
21Shares Dogecoin ETF filed a quarterly report covering its pre-launch period and early organizational steps. The Trust was formed in April 2025 and is designed as a passive ETF that tracks Dogecoin using the CF Dogecoin-Dollar US Settlement Price Index, with Coinbase, Anchorage and BitGo as custodians.
Initial seed capital of 2 Shares at $50.00 per Share generated $100, which was fully redeemed by the Sponsor on October 15, 2025, leaving net assets of $0 as of December 31, 2025. The Trust had no operations other than this initial seed transaction during the quarter.
On January 21, 2026, the Sponsor purchased 60,000 Shares at approximately $25.00 per Share, providing about $1,500,000 for Dogecoin purchases, and trading in Shares under ticker “TDOG” on Nasdaq began January 22, 2026. The Trust charges a 0.50% annual Sponsor fee on NAV, qualifies as an emerging growth company and reports no material legal proceedings or changes in previously disclosed risk factors.