10-Q: 21Shares Dogecoin ETF Q1 2026 Financial Results

21Shares Dogecoin ETF reports a net asset value of $1.86 million for the quarter ended March 31, 2026, following the commencement of investment operations in January.

Summary

• The Trust reported a net asset value (NAV) of $1,855,458 as of March 31, 2026.
• Net assets decreased by $636,693 during the period, primarily due to unrealized depreciation on Dogecoin holdings.
• The Trust issued 100,000 shares during the period, with 99,998 shares outstanding as of quarter-end.
• The NAV per share was $18.55 as of March 31, 2026, compared to the initial seed price of $25.66.
• The Trust holds 20,163,410.8951 Dogecoin tokens.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral report; the Trust is performing exactly as designed to track a volatile asset, with no operational surprises or management issues reported.

Positives

• Successful launch and commencement of investment operations on January 21, 2026.
• Total net assets grew to $1.86 million within the first quarter of operations.
• The Sponsor covers most ordinary operating expenses through a unitary 0.50% annual fee.

Negatives

• Net decrease in net assets of $636,693 resulting from operations.
• The price of Dogecoin decreased by 25.84% during the period from January 21, 2026, to March 31, 2026.
• Total return at net asset value was negative 27.71% for the period.

Risks

• High concentration risk due to the Trust holding only a single digital asset (Dogecoin).
• Volatility in the price of Dogecoin directly impacts the Trust's NAV and share price.
• Restrictions on shareholders' ability to bring derivative actions against the Trust.
• Potential for future regulatory changes impacting digital asset markets.
• Dependence on third-party custodians for the security of digital assets.

Future Outlook

The Trust intends to continue tracking the performance of Dogecoin as measured by the Pricing Benchmark, subject to market conditions and the Sponsor's ongoing management of the Trust's operations.

Management Comments

• Management notes that the Trust is a passive investment vehicle and does not actively manage the Dogecoin held.
• The Sponsor believes the risk of loss under general indemnification clauses to be remote.

Industry Context

StockSavvy.ai notes that this filing reflects the broader trend of institutional-grade digital asset ETFs entering the U.S. market, facing significant volatility inherent to the underlying cryptocurrency assets.

Comparison to Industry Standards

• The 0.50% expense ratio is consistent with standard pricing for single-asset crypto ETPs.
• The use of multiple custodians (Coinbase, Anchorage, BitGo) aligns with industry best practices for institutional digital asset security.

Corporate Governance

Legal Proceedings

• None reported.

Related Party Transactions

• The Sponsor (21Shares US LLC) is a related party and holds 60,000 shares of the Trust.

Stakeholder Impact

• Shareholders are exposed to the full volatility of Dogecoin price movements.
• The Trust's structure as a grantor trust means shareholders are treated as directly owning a pro rata share of the underlying Dogecoin for tax purposes.

Next Steps

• Ongoing daily calculation of NAV.
• Weekly payment of Sponsor Fee in Dogecoin.
• Continuous issuance and redemption of Creation Baskets by Authorized Participants.

Key Dates

Keywords

Dogecoin, ETF, 21Shares, Cryptocurrency, TDOG, Digital Assets, Investment Trust