In a (2+1)-dimensional spacetime with a negative cosmological constant, the thermodynamics and the entropy of an extremal rotating thin shell, i.e., an extremal rotating ring, are investigated. The outer and inner regions are taken to be the Ba\~{n}ados-Teitelbom-Zanelli (BTZ) spacetime and the vacuum ground state anti-de Sitter (AdS) spacetime, respectively. By applying the first law of thermodynamics to the extremal shell one shows that its entropy is an arbitrary function of the gravitational area $A_+$ alone, $S=S(A_+)$. When the shell approaches its own gravitational radius $r_+$ and turns into an extremal rotating BTZ black hole, it is found that the entropy of the spacetime remains such a function of $A_+$. It is thus vindicated, that extremal black holes, here extremal BTZ black holes, have different properties from the corresponding nonextremal black holes, which have the Bekenstein-Hawking entropy $S(A_+)= \frac{A_+}{4G}$, where $G$ is the gravitational constant. It is argued that for the extremal case $0\leq S(A_+)\leq \frac{A_+}{4G}$. Thus, rather than having just two entropies for extremal black holes, as previous results debated, 0 and $\frac{A_+}{4G}$, it is shown that extremal black holes may have a continuous range of entropies, limited by precisely those two entropies. Surely, the entropy that a particular extremal black hole picks must depend on past processes, notably on how it was formed. It is also found a remarkable relation between the third law of thermodynamics and the impossibility for a massive body to reach the velocity of light. In the procedure, it becomes clear that there are two distinct angular velocities for the shell, the mechanical and thermodynamic angular velocities. In passing, we clarify, for a static spacetime with a thermal shell, the meaning of the Tolman temperature formula at a generic radius and at the shell. (Abridged version).
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