Brag House Holdings (TBH) and its merger partner House of Doge announced the launch of the 21Shares 2x Long Dogecoin ETF (TXXD), which began trading on NASDAQ on November 20, 2025. The ETF offers investors leveraged exposure to Dogecoin, aiming for twice the daily performance of the underlying cryptocurrency before fees and expenses.
The move marks a strategic pivot for TBH, a company best known for its esports platform that connects brands with Gen Z through interactive competitions and data‑insights services. By merging with House of Doge, the official corporate arm of the Dogecoin Foundation, TBH seeks to embed Dogecoin’s cultural momentum into its product portfolio and tap into a growing demand for crypto‑asset investment vehicles.
Despite the excitement around the new ETF, TBH’s financial health remains fragile. The company reported a trailing‑12‑month earnings per share of –$0.42 and no revenue growth over the past three years. In 2024, revenue fell to $105, a 99.97% decline from $366,438 in 2023, and the company posted a loss of $3.29 million. These figures underscore the challenges TBH faces as it expands into a high‑volatility market.
Management emphasized the strategic intent behind the launch. Lavell Juan Malloy II, Chairman and CEO of TBH, said, “We are giving Gen Z a voice and now we’re giving them ownership.” Marco Margiotta, CEO of House of Doge, added, “Our mission is to support the Dogecoin community and expand what’s possible for the ecosystem.” Federico Brokate, Global Head of Business Development at 21Shares, noted, “The ETF provides a regulated, transparent structure that lets investors access leveraged exposure to Dogecoin.”
The 2x leveraged structure is designed for short‑term, sophisticated investors, as daily compounding can cause performance to diverge from twice the underlying asset over longer periods. TBH’s entry into the crypto space offers diversification, but the company’s ongoing financial struggles—negative earnings, steep revenue decline, and high debt—remain a headwind. Investors will need to weigh the potential upside of the new ETF against the broader risk profile of TBH’s business model.
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