Dogecoin News Today: Dogecoin ETF Listed on DTCC, Awaits SEC Approval as Market Wavers

21Shares' Dogecoin ETF (TDOG) has been listed on the Depository Trust & Clearing Corporation (DTCC) under the ticker TDOG, marking a procedural step toward potential U.S. market entry but not regulatory approval . The fund is designed as a physically backed trust, holding Dogecoin directly and issuing shares intended to track its price (less fees). The trust calculates its daily net asset value (NAV) using CF Benchmarks' Dogecoin-Dollar US Settlement Price, a once-daily benchmark derived from executed trades across multiple venues . Intraday indicative values are published every 15 seconds to help traders assess alignment with the underlying asset .

The creation and redemption process involves cash transactions, with authorized participants delivering cash to the sponsor, who instructs Coinbase to purchase Dogecoin or use existing holdings. These coins are transferred to Coinbase Custody Trust Company for secure storage . Fees are deducted in kind, meaning the amount of Dogecoin per share decreases over time as sponsor fees are subtracted . This structure distinguishes TDOG from direct Dogecoin ownership, where fees do not erode holdings.

TDOG's listing on DTCC signifies operational readiness rather than regulatory clearance. The fund requires two formal approvals: the SEC must declare the S-1 registration effective, and Nasdaq must approve the 19b-4 rule change to list the shares as Commodity-Based Trust Shares . Similar crypto funds have appeared on DTCC ahead of launch, underscoring that this step does not guarantee regulatory approval. The SEC's cautious stance on meme coins like Dogecoin remains a critical hurdle, with previous applications facing delays .

If approved, TDOG would coexist with the REX-Osprey DOGE ETF (DOJE), which launched on Cboe on Sept. 18, 2025. DOJE, a 1940-Act ETF, holds a diversified basket of spot Dogecoin and Dogecoin-linked instruments via a Cayman subsidiary, with a 1.50% expense ratio . In contrast, TDOG's structure as a grantor trust would offer direct exposure to Dogecoin, with valuation based on the CF Benchmarks index. The two products differ in fee profiles, operational mechanics, and regulatory frameworks, providing investors distinct avenues to access Dogecoin .

Market reaction to TDOG's DTCC listing has been mixed. Dogecoin's price fell 3% in the 24 hours following the announcement, despite a 45% surge in trading volume to $4.82 billion . Analysts attribute the decline to ongoing regulatory uncertainty, as the SEC has delayed reviews for multiple Dogecoin ETF applications. Bitwise's application, for instance, is not expected to receive a final ruling until November 2025, with potential delays into 2026 . The regulatory overhang has weighed on investor sentiment, even as institutional interest in meme coins grows .

The approval of TDOG could signal a shift in the acceptance of meme-based cryptocurrencies in regulated markets. While Dogecoin's origins as a "joke" coin have historically drawn regulatory skepticism, a physically backed ETF could offer a structured, institutionalized pathway for investors . The fund's reliance on Coinbase Custody and the UK-regulated CF Benchmarks index aims to address concerns about market manipulation and transparency . However, the trust explicitly disclaims responsibility for airdropped assets or forked coins, which are not included in its valuation .

For investors, TDOG's appeal lies in its convenience and infrastructure. It trades like a traditional ETF, eliminating the need for cryptocurrency wallets or onchain management. Institutional custody, transparent fee structures, and arbitrage mechanisms help align share prices with NAV, though intraday premiums or discounts may occur during volatile periods . Conversely, direct Dogecoin ownership offers full onchain control and utility, albeit with the operational overhead of managing keys and exchanges .

The DTCC listing also reflects broader trends in crypto ETF innovation. 21Shares, a Swiss firm, has expanded its offerings beyond Bitcoin and Ethereum, signaling growing institutional confidence in altcoins . The U.S. market's cautious regulatory environment contrasts with this momentum, but the approval of Bitcoin and Ethereum futures ETFs has created a precedent that may influence future decisions . If TDOG is approved, it could pave the way for more diversified crypto exposure, particularly for investors seeking alternatives to Bitcoin and Ethereum .

Source: [1] Cointelegraph (https://cointelegraph.com/explained/dogecoin-etf) [2] Moneycheck (https://moneycheck.com/21shares-dogecoin-etf-tdog-listed-on-dtcc-awaiting-sec-approval/) [5] Coinnews (https://coinnews.com/news/dogecoin-slumps-3-despite-21shares-spot-etf-listing-on-dtcc/) [7] Cryptobriefing (https://cryptobriefing.com/21shares-dogecoin-etf-listed-dtcc-tdog/)