Grayscale Dogecoin Trust ETF

What they do

The Trust holds DOGE and issues 10,000-share Baskets to Authorized Participants in exchange for DOGE deposits, and redeems Shares through an ongoing redemption program. It is managed by Grayscale Investments Sponsors, LLC as Sponsor, with CSC Delaware Trust Company as trustee, The Bank of New York Mellon as transfer agent and administrator, Coinbase, Inc. as prime broker and Coinbase Custody Trust Company, LLC as custodian. The Trust is a passive vehicle that does not use leverage, derivatives or similar arrangements and does not seek returns beyond tracking the price of DOGE.

Revenue drivers

• DOGE price exposure per Share — The Trust's only economic driver is the value of the DOGE it holds; as of December 31, 2025 each Share represented approximately 117.5835 of one DOGE. Share value is designed to reflect the Index Price less expenses and liabilities.
• Sponsor's Fee paid in DOGE — The Sponsor charges a fee that the Trust pays in DOGE, which reduces Trust assets and is recognized through realized gains and losses on investment transactions. No fee rate or dollar amount is disclosed in the provided excerpts.
• Creation and redemption of Baskets — The Trust issues Baskets of 10,000 Shares to Authorized Participants for DOGE and redeems Shares from Authorized Participants on an ongoing basis, providing the mechanism for share supply to track demand.
• Trust scale relative to DOGE market — As of December 31, 2025 the Trust held approximately 0.02% of DOGE in circulation, a position too small to influence the Dogecoin Network.

Recent performance

For 2025 the Trust reported net income of negative $2.2 million and operating cash flow of negative $6.2 million. As of the June 30, 2026 balance sheet, total assets were $7.6 million and total liabilities were $0.00. The Trust began operations January 30, 2025, listed its Shares on NYSE Arca on November 24, 2025, and at December 31, 2025 each Share represented approximately 117.5835 DOGE. It held approximately 0.02% of DOGE in circulation at year-end 2025.

Strategy

The Trust's stated objective is for the value of the Shares, based on DOGE per Share, to reflect the value of DOGE held less expenses and liabilities, without seeking returns beyond tracking DOGE. Management does not intend to use leverage, derivatives or similar arrangements. Following NYSE Arca certification on November 21, 2025 under new generic listing rules, the Sponsor authorized an ongoing redemption program and the Trust now issues Shares continuously under its effective Form S-1 registration statement. The Trust is not managed like an operating business and has no officers, directors or employees.

Risks

• DOGE price risk — The Shares track the price of DOGE, so declines in DOGE directly reduce the value of Trust assets and Share value.
• Securities-law classification of DOGE — If DOGE is determined to be a security under federal securities laws, the Sponsor does not intend to continue holding DOGE in a way that violates those laws and could dissolve the Trust or seek to operate it under the Investment Company Act.
• Custody and private key risk — The Trust's DOGE are secured by private key shards held in cold storage by Coinbase Custody Trust Company, LLC, and loss or failure of those custody arrangements would impair Trust assets.
• Sponsor discretion to terminate — The Sponsor may in its sole discretion dissolve the Trust for a number of reasons, and the Trust Agreement also requires dissolution under certain circumstances.

Outlook

Management describes the Trust as a passive vehicle whose only objective is for Share value to reflect the value of DOGE held, less expenses and liabilities, and it states there can be no assurance the objective will be achieved. Following the November 2025 NYSE Arca listing and the commencement of the redemption program, the Trust issues and redeems Shares on a continuous basis. The excerpts provided do not include forward guidance on DOGE prices, asset levels or fee changes.