Bitwise Dogecoin ETF

What they do

The Trust issues common shares of beneficial interest that trade on NYSE Arca under 'BWOW'. It holds Dogecoin with Coinbase Custody Trust Company and values its net assets daily using the CF Dogecoin-Dollar US Settlement Price published by CF Benchmarks Ltd. The Trust is passively managed, does not use derivatives or leverage, and seeks to provide exposure to Dogecoin's value less expenses and liabilities.

Revenue drivers

• Sponsor Fee — The Trust accrues a Sponsor's management fee in U.S. dollars, which is its primary source of revenue, though specific fee rates or amounts were not disclosed in the provided excerpts.
• Dogecoin holdings — The Trust's asset base consists solely of Dogecoin; its size and value fluctuate with the dogecoin price and creation/redemption activity of shares.
• Share issuance — Revenue is driven by the continuous offering of Shares, with initial seed purchases by affiliates; larger asset bases generate higher sponsor fees.

Recent performance

For the six months ended June 30, 2026, the Trust reported a net investment loss of $1,215 (unaudited). For the three months ended June 30, 2026, net investment loss was $531. As of June 30, 2026, total assets were $473,699 and total liabilities were $152. The Trust began trading on November 26, 2025, after its Form S-1 was declared effective on November 25, 2025.

Strategy

The Trust is passively managed and does not actively trade Dogecoin, nor does it use hedging techniques or leverage. Its strategy is to hold Dogecoin exclusively and provide investors with exposure through a traditional brokerage account, avoiding direct acquisition and custody risks. The Sponsor believes this enables more efficient strategic and tactical asset allocation using Dogecoin.

Risks

• Digital asset price volatility — Dogecoin's price is highly volatile, and the Trust's NAV and share value will fluctuate significantly with it.
• Custody risk — The Trust's Dogecoin is held by Coinbase Custody, which is not FDIC-insured, though it carries private insurance; theft or loss of Dogecoin could result in losses.
• Limited operating history — The Trust only began trading in November 2025, so there is limited performance data and no established track record.
• No active management — The Sponsor does not sell Dogecoin when prices are high or buy when low, so investors bear the full downside of price declines without any hedging.

Outlook

Management has not provided forward-looking guidance in the excerpts. The Trust's future performance depends on the price of Dogecoin and its ability to attract and maintain assets. The Sponsor is focused on offering direct Dogecoin exposure through a regulated exchange-traded product, with operations designed to continue as long as investor demand supports it.