Wall Street Shows "Limited Enthusiasm" for New Dogecoin ETF Product

Odaily News: Cryptocurrency asset management firm 21Shares has launched a new Dogecoin (DOGE) ETF, further integrating the meme coin into the traditional financial system. The ETF began trading on Nasdaq on Thursday under the ticker symbol TDOG.

21Shares stated that this is the latest addition to its crypto ETF product line, following previous launches of ETFs related to Bitcoin, Ethereum, Solana, and XRP. The company also emphasized that it is the only ETF issuer endorsed by the House of Doge, an institution under the Dogecoin Foundation.

Despite this, overall market demand for meme coin ETFs remains relatively restrained. Data shows that the first U.S. Dogecoin ETF was launched in September last year, with cumulative trading volume reaching approximately $200 million to date, indicating that Wall Street's interest in allocating to meme coins is still limited.

21Shares stated that TDOG aims to provide investors with a compliant, physically-backed investment channel for DOGE, lowering the barrier to entry through the ETF structure. The Dogecoin Foundation added that this product will help promote the further adoption of Dogecoin within mature financial frameworks.