21Shares Launches First SEC-Approved Dogecoin ETF (TDOG) on Nasdaq

Asset manager 21Shares officially debuted a Dogecoin ETF on Nasdaq under the ticker TDOG, a milestone described as the first spot DOGE ETF to receive formal U.S. approval while carrying backing from the Dogecoin Foundation ^[1][4].

TDOG is structured as a physically backed spot ETF that offers regulated exposure to Dogecoin without requiring direct token ownership; the fund is reported to hold Dogecoin in institutional-grade custody to support shares on a 1:1 basis ^[4][1].

Market commentary notes the listing signals wider acceptance of memecoins in traditional finance, but ETF specialists and advisers have warned of weak initial institutional demand and potential reputational or "client-statement" risks for advisers including observations that spot Dogecoin ETFs have attracted "near zero" demand so far ^[5][2].

Analysts writing about near-term price prospects said current market conditions make a rapid move to headline price targets unlikely, even as the ETF brings renewed attention to DOGE ^[5].

The TDOG listing is a regulatory and market milestone for Dogecoin, but early commentary emphasizes that approval and custody structure do not guarantee immediate institutional uptake; observers will monitor trading and adviser demand in the coming weeks ^[1][4][2].