3 min read
Dogecoin (DOGE) investors can now gain exposure to the leading memecoin through a 21Shares two times leveraged long ETF which started trading on the Nasdaq Exchange on Thursday, the firm announced.
The 21Shares 2X Long Dogecoin ETF (TXXD) aims to achieve twice the daily performance of DOGE, minus fees and expenses.
“We are excited about Doge and the momentum we’ve seen from the community,” Michael Friedman, director of U.S. Capital Markets at 21Shares, told Decrypt. “The 21Shares 2x Long Dogecoin ETF is our first foray into levered products.”
He added: “We look forward to launching other levered products for assets we believe have similar characteristics."
The fund comes amid a flurry of new listings for altcoin-focused ETFs, including Solana funds from Bitwise Asset Management and VanEck, and an XRP fund from Canary Capital. Grayscale is likely to debut a non-leveraged Dogecoin fund early next week. The U.S. Securities and Exchange Commission is also currently weighing a 21Shares application for a non-leveraged Dogecoin fund.
The surge in products and proposals reflect issuers’ ongoing efforts to address market demand for these products. The Rex-Osprey Dogecoin ETF, which invests in the token through a Cayman Islands subsidiary, debuted in September with strong inflows, and the issuers have applied for their own leveraged Dogecoin fund. The Bitwise Solana fund has generated more than $600 million in net investments since debuting late last month.
The firm’s leveraged Dogecoin product is its latest in collaboration with House of Doge, the commercial arm of the Dogecoin Foundation.
Earlier this year, the pair partnered to bring a DOGE exchange traded product (ETP) to Switzerland’s SIX Swiss Exchange while also filing for the Dogecoin ETF in the U, S.
“This new ETF reflects the strength and momentum of a growing community of investors that continue to shape the future of crypto,” said House of Doge CEO Marco Margiotta in a statement.
The Swiss-based firm was acquired last month by crypto prime brokerage FalconX in an undisclosed deal that will combine FalconX’s trading and brokerage infrastructure with 21Share’s ETP platform across the U.S. and Europe.
As part of the acquisition, 21Shares is still operating independently. The firm also offers exchange traded products for Ethereum, Solana, and Bitcoin.
Dogecoin (DOGE) is the biggest meme coin with a more than $23 billion market capitalization, but the token has fallen nearly 19% in the last 30 days amid a broader crypto slide.
Now changing hands just shy of $0.16, the token is more than 78% off its 2021 all-time high of $0.73.
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