21Shares Launches 2x Leveraged Dogecoin ETF (TXXD), as Taurus Integrates with Kaiko

Crypto asset manager 21Shares announced the launch of the 21Shares 2x Long Dogecoin ETF (ticker: TXXD), providing investors with leveraged exposure to Dogecoin (DOGE) through a regulated U.S.-listed product on Nasdaq.

This marks 21Shares’ first leveraged ETF and expands its U.S. lineup to 16 crypto exchange-traded products (ETPs) globally. The debut coincides with the finalization of 21Shares’ acquisition by FalconX, a leading digital asset prime brokerage managing over $8 billion in assets, which is expected to enhance liquidity and global distribution for such products.

Seeks to deliver 200% (2x) of Dogecoin’s daily price performance, before fees and expenses. Due to daily compounding, returns over periods longer than one day may significantly differ from 2x the underlying asset’s return—making it suitable only for short-term trading.

Designed for sophisticated, active investors comfortable with high volatility and leverage risks. It’s not intended for buy-and-hold strategies. Fees: Annual expense ratio of 1.89%, issued by 21Shares US LLC.

Tradable like a stock via banks or brokers; no direct crypto wallet needed. Builds on 21Shares’ collaboration with the House of Doge official arm of the Dogecoin Foundation, following their earlier launch of Europe’s first endorsed Dogecoin ETP.

21Shares manages >$11B across 55 products as of September 2025. High volatility; compounding effects; suitable for short-term only. DOGE Price ~$0.15, down ~5-8% amid broader market pressure.

This launch reflects Dogecoin’s maturation from a meme coin to an asset with institutional appeal, driven by its vibrant community and real-world adoption. Analysts see it as a sign of growing demand for altcoin derivatives, potentially spurring similar products from competitors.

However, DOGE’s price has declined over 50% from its 2021 peak, trading in a falling wedge pattern that could signal a rebound if ETF inflows materialize. The FalconX acquisition announced earlier in 2025 allows 21Shares to operate independently under CEO Russell Barlow while leveraging FalconX’s infrastructure for better trading and expansion in the U.S., Europe, and Asia-Pacific.

For investors, TXXD offers a convenient way to amplify DOGE bets without direct crypto handling, but experts emphasize monitoring positions closely due to leverage’s amplifying losses in downturns. If you’re considering investing, consult a financial advisor—leveraged products carry substantial risks.

While the ETF debuted amid a DOGE price dip down ~5-8% to around $0.147 on launch day, its implications extend far beyond immediate market reactions. As the first leveraged DOGE ETF in the U.S., TXXD could attract significant capital from risk-tolerant traders, potentially driving DOGE demand through underlying swaps, futures, and derivatives.

Analysts at Traders Union note that expanding ETP access, combined with ongoing holder accumulation DOGE’s HODL rate remains high at ~70%, lays a “foundation for future upside” despite short-term weakness. Early trading data shows modest initial volumes, but if inflows mirror those of recent Solana or XRP ETFs.

DOGE could see a 10-20% rebound, especially if it breaks its falling wedge pattern. DOGE has declined ~53% YTD, trading below key moving averages, but the ETF’s 2x daily reset could exacerbate swings—gains compound in uptrends, losses in downtrends.

TXXD elevates DOGE from “social media novelty” to a tradable asset class, signaling regulators’ comfort with altcoin derivatives. This follows 21Shares’ FalconX acquisition $8B AUM prime broker, enabling deeper liquidity and global distribution—potentially unlocking $1B+ in institutional flows across 21Shares’ 16 ETPs.

Experts like Federico Brokate emphasize its role in “simplifying participation” for pros, while House of Doge CEO Marco Margiotta calls it a boost for community-driven growth. The launch coincides with Solana and XRP ETF approvals, hinting at a “flurry” of meme/altcoin funds.

This could pressure the SEC to fast-track non-leveraged DOGE ETFs, fostering a more mature crypto derivatives market but raising concerns over speculative bubbles. TXXD allows 2x DOGE exposure via standard brokerage accounts—no crypto wallets or margin hassles—targeting “sophisticated investors” comfortable with volatility.

Leverage isn’t for buy-and-hold; daily compounding can erode returns in choppy markets, a 10% DOGE drop becomes ~20% for TXXD, plus decay. 21Shares warns of “significant deviation” over multi-day holds, making it ideal for day traders only.

In a downturn, this could accelerate liquidations, as seen in past crypto winters. Deepens 21Shares’ tie-up with House of Doge, advancing “institutional adoption and real-world utility beyond meme status.” This could spur ecosystem growth—more devs, payments integrations, and community tools—while FalconX’s infrastructure aids expansion into Europe/Asia.

Marks 21Shares’ first U.S. leveraged product, positioning it as a leader in high-vol altcoin ETPs >$11B AUM globally. Competitors like Bitwise or VanEck may follow with similar DOGE/SHIB funds, intertwining tradfi and crypto further.

TXXD could catalyze DOGE’s resurgence by injecting institutional capital and credibility, but its leveraged nature demands caution—volatility cuts both ways. For context, DOGE’s market cap ~$21B trails ETH but outpaces many alts; sustained ETF success might close that gap.

Taurus Integration with Kaiko Aggregator Reflect on Blockchain’s Interoperability

Swiss-based digital asset infrastructure provider Taurus announced a strategic integration with Kaiko, a leading cryptocurrency data analytics firm.

This move embeds Kaiko’s standardized pricing and liquidity data feeds directly into the Taurus platform, enhancing its offerings for institutional clients like banks. The partnership aims to deliver “regulator-ready” market information to support key operations in digital assets, including custody, trading, valuation, and compliance.

Kaiko aggregates and standardizes data from over 100 centralized and decentralized exchanges, covering pricing, liquidity metrics, trade volumes, and order books. This data will now be accessible in real-time within Taurus’s infrastructure, streamlining processes and reducing reliance on fragmented sources.

Taurus serves nearly 40 top-tier financial institutions, including State Street and Deutsche Bank. The integration helps these clients meet governance standards amid growing demand for tokenized assets and crypto trading, while minimizing operational costs and risks.

Taurus, founded in 2018, raised $65 million in a 2023 Series B round led by Credit Suisse now part of UBS to fuel global expansion, including a recent U.S. office launch. Kaiko, which secured $53 million in 2022 funding, has established itself as a go-to provider for institutional-grade crypto data.

Elodie De Marchi, COO of Kaiko: “Market data is the foundation of every digital asset transaction. By partnering with Taurus, we are embedding our data into a trusted infrastructure already used by leading banks and financial institutions.”

Taurus Executives: The integration aligns with Taurus’s mission to provide a “strongest possible foundation” for digital asset strategies, reflecting the industry’s shift toward transparent, compliant data as institutional adoption accelerates.

This collaboration underscores the maturing crypto ecosystem, where reliable data is critical for bridging traditional finance (TradFi) and digital assets. As stablecoins and tokenization gain traction—e.g., recent reports highlight stablecoins as a liquidity backbone amid market volatility—partnerships like this could accelerate capital inflows while prioritizing regulatory alignment.

Taurus’s earlier launches, such as the interbank Taurus-NETWORK in April 2025 for seamless digital asset settlement, further position it as a key enabler for global banks.

Tokenization means converting real-world assets (RWAs) or financial instruments into digital tokens on a blockchain. These tokens represent ownership or rights and can be traded, settled, or used as collateral 24/7 with programmable features.

Why traditional finance is embracing tokenization nowInstant (T+0) or atomic (DvP) settlement ? Reduces counterparty risk and frees up billions in collateral BCBS estimates $100 bn+ capital relief possible globally.

A $100 million private-credit deal can now be sliced into $100 tokens and traded globally 24/7. ? Whitelisting, KYC/AML baked into smart contracts (e.g., BlackRock BUIDL only allows approved addresses).

Tokenized Treasuries or MMFs are now accepted as collateral on DeFi protocols (Aave, Morpho, Ondo, etc.) and in tri-party repo with traditional custodians. Regulatory green lights like the MiCA + DLT Pilot Regime. Banks, OCC and Fed signals on stablecoins and blockchain pivots

Siemens issues €60m digital bond on Polygon. Mar 2024 – BlackRock launches BUIDL on Ethereum ? becomes fastest-growing tokenized fund ever. Nov 2024 – UBS issues first cross-border tokenized bond under Swiss DLT law.

Tokenization has moved from pilot to production. The biggest drivers are no longer crypto-native firms but the world’s largest asset managers like BlackRock, Franklin Templeton, universal banks, and central securities depositories.

The integration of institutional-grade data feeds is one of the final pieces making tokenized assets truly “regulator-ready” for global banks. Expect 2026–2027 to be the breakout years for tokenized private credit and corporate bonds.