21Shares Dogecoin ETF NAV slides 21.7% in Q3 as Dogecoin retreats; benchmark provider to be switched
TDOG is trading near its 52-week low of $13.82 (3.3% above the low) on elevated volume (2.0× avg).
Summary
21Shares Dogecoin ETF posted a 21.67% quarterly NAV decline to $14.53 per share, pressured by falling Dogecoin prices, while assets grew to $2.76 million on new share creations. The Sponsor is switching its pricing benchmark provider from CF Benchmarks to FTSE.
Key Events · Earnings and Guidance · TDOG
-
NAV Per Share Drops 21.67%
NAV per share fell from $18.55 to $14.53 during the quarter, driven by a 22.22% decline in Dogecoin's price from $0.09 to $0.07.
-
Net Assets Grow on Share Creations
Net assets increased 48.83% to $2.76 million, as 90,000 new shares (9 Creation Baskets) were issued, partially offsetting the NAV decline.
-
Pricing Benchmark Provider Switched
The Sponsor terminated the CF Benchmarks agreement effective August 31, 2026, and intends to enter a new licensing agreement with FTSE on or about August 24, 2026. The change is not expected to materially impact NAV.
-
Total Return Since Inception -43.37%
Since investment operations began on January 21, 2026, the Trust's total return at NAV is -43.37%, reflecting the sharp decline in Dogecoin.
Analysis · TDOG · Crypto Assets
A 22.22% decline in Dogecoin's price drove the Trust's NAV per share down 21.67% to $14.53. Even so, net assets rose 48.83% to $2.76 million, thanks to the creation of 90,000 new shares. The Sponsor has terminated its pricing benchmark agreement with CF Benchmarks and plans to transition to FTSE, a move not expected to materially affect NAV. With its heavy concentration in Dogecoin, the ETF remains highly exposed to downside moves.
At the time of this filing, TDOG was trading at $14.28 on NASDAQ in the Crypto Assets sector. The 52-week trading range was $13.82 to $25.59. This filing was assessed with negative market sentiment and an importance score of 7 out of 10.