10-Q: Bitwise Dogecoin ETF Q1 2026 Financial Results

The Bitwise Dogecoin ETF reported a net asset decrease to $604,292 for the quarter ended March 31, 2026, driven by Dogecoin price depreciation and share redemptions.

Summary

• Net assets declined from $1,152,815 at year-end 2025 to $604,292 as of March 31, 2026.
• The Trust experienced a net increase in redemptions, with 20,000 shares redeemed during the quarter.
• Net realized and unrealized loss on investment in Dogecoin totaled $140,868 for the period.
• The Trust held 6,567,469.6487 Dogecoin as of March 31, 2026.
• The Principal Market NAV per share decreased from $19.21 to $15.11 during the quarter.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral report; the financial results are a direct reflection of the underlying asset's market performance rather than operational success or failure.

Positives

• The Trust maintains a simple, transparent structure with Dogecoin as its sole asset.
• Operating expenses are limited to a unitary 0.34% annual Sponsor Fee, with the Sponsor covering most other operational costs.
• The Trust successfully utilizes a third-party valuation vendor (Lukka, Inc.) to determine the principal market for Dogecoin.

Negatives

• The Trust reported a net investment loss of $684 for the quarter.
• The value of the Trust's holdings declined significantly due to the depreciation of Dogecoin from $0.116546 to $0.092042.
• Total return at net asset value for the quarter was negative 21.34%.

Risks

• Extreme volatility in the price of Dogecoin directly impacts the value of the Shares.
• The Trust is subject to concentration risk as its sole asset is Dogecoin.
• Potential for manipulative trading activity on largely unregulated crypto asset exchanges.
• Risks associated with the Dogecoin network, including potential forks or changes to the open-source software protocol.

Future Outlook

The Trust does not provide specific financial guidance but notes that it will continue to hold Dogecoin as its sole asset and that future performance is dependent on the market price of Dogecoin and the Sponsor's ability to manage operational expenses.

Management Comments

• Management notes that the Trust's performance is directly tied to the price of Dogecoin and that actual results may differ materially from forward-looking statements.
• The Sponsor emphasizes that the Trust provides an efficient means for investors to obtain market exposure to Dogecoin without the complexities of direct ownership.

Industry Context

StockSavvy.ai notes that this filing reflects the broader volatility inherent in crypto-asset ETFs. As a single-asset product, the Trust's performance is a direct proxy for Dogecoin market sentiment, distinguishing it from diversified crypto index funds.

Comparison to Industry Standards

• The 0.34% expense ratio is competitive within the current landscape of spot crypto ETPs.
• The use of Lukka, Inc. for fair value measurement aligns with industry best practices for institutional-grade digital asset reporting.

Corporate Governance

Legal Proceedings

• None.

Related Party Transactions

• The Trust pays a 0.34% annual Sponsor Fee to Bitwise Investment Advisers, LLC.
• The Sponsor covers most operating expenses, including trustee and service provider fees.

Stakeholder Impact

• Shareholders are directly exposed to the price volatility of Dogecoin.
• The Trust's structure provides a regulated vehicle for institutional and retail exposure to Dogecoin.

Next Steps

• Ongoing daily calculation of NAV.
• Continued monitoring of Dogecoin market price and volatility.
• Potential future creation or redemption of shares by Authorized Participants.

Key Dates

Keywords

Dogecoin, ETF, Bitwise, Cryptocurrency, BWOW, Digital Assets, Exchange Traded Product