21Shares Doubles Dogecoin Bets With 2x Leveraged DOGE ETF

Dogecoin (DOGE) investors tin present summation vulnerability to the starring memecoin done a 21Shares 2 times leveraged agelong ETF which started trading connected the Nasdaq Exchange connected Thursday, the steadfast announced. 

The 21Shares 2X Long Dogecoin ETF (TXXD) aims to execute doubly the regular show of DOGE, minus fees and expenses. 

“We are excited astir Doge and the momentum we’ve seen from the community,” Michael Friedman, manager of U.S. Capital Markets astatine 21Shares, told Decrypt. “The 21Shares 2x Long Dogecoin ETF is our archetypal foray into levered products.”

He added: “We look guardant to launching different levered products for assets we judge person akin characteristics."

The money comes amid a flurry of caller listings for altcoin-focused ETFs, including Solana funds from Bitwise Asset Management and VanEck, and an XRP money from Canary Capital. Grayscale is apt to debut a non-leveraged Dogecoin money aboriginal adjacent week. The U.S. Securities and Exchange Commission is besides presently weighing a 21Shares exertion for a non-leveraged Dogecoin fund.

The surge successful products and proposals bespeak issuers’ ongoing efforts to code marketplace request for these products. The Rex-Osprey Dogecoin ETF, which invests successful the token done a Cayman Islands subsidiary, debuted successful September with beardown inflows, and the issuers person applied for their ain leveraged Dogecoin fund. The Bitwise Solana money has generated much than $600 cardinal successful nett investments since debuting precocious past month.

Like different leveraged ETF products, which are inherently riskier than non-leveraged counterparts, TXXD targets short-term usage by risk-tolerant investors. 

The firm’s leveraged Dogecoin merchandise is its latest successful collaboration with House of Doge, the commercialized limb of the Dogecoin Foundation. 

Earlier this year, the brace partnered to bring a DOGE speech traded merchandise (ETP) to Switzerland’s SIX Swiss Exchange portion also filing for the Dogecoin ETF successful the U, S. 

“This caller ETF reflects the spot and momentum of a increasing assemblage of investors that proceed to signifier the aboriginal of crypto,” said House of Doge CEO Marco Margiotta successful a statement. 

The Swiss-based steadfast was acquired past period by crypto premier brokerage FalconX successful an undisclosed woody that volition harvester FalconX’s trading and brokerage infrastructure with 21Share’s ETP level crossed the U.S. and Europe. 

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As portion of the acquisition, 21Shares is inactive operating independently. The steadfast besides offers speech traded products for Ethereum, Solana, and Bitcoin.