In a post on Jan. 5, Balchunas noted that leveraged exposure has driven outsized returns early in the year. Among the leaders is the 21Shares 2x Long Dogecoin ETF (Nasdaq: TXXD), which launched on Nov. 19, 2025 and seeks to deliver twice the daily performance of Dogecoin. The fund offers indirect exposure to the meme-based cryptocurrency through a leveraged structure designed for short-term trading.
Dogecoin, created in 2013, has grown into one of the largest cryptocurrencies by market value, supported by strong retail interest and public endorsements. The ETF’s launch followed FalconX’s acquisition of 21Shares, which expanded distribution capabilities. Earlier in 2025, 21Shares also partnered with House of Doge, the corporate arm of the Dogecoin Foundation, on a Dogecoin-linked ETP.
The early performance underscores renewed investor appetite for leveraged products tied to volatile assets, even as risks remain elevated.
Source: Statements by Eric Balchunas (Bloomberg)
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