What changed in this filing

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Item 1. Financial Statements

2026-08-12 compared with 2026-05-08 · 61 added, 55 removed, 255 unchanged (31% of the section changed)

2 unchanged sentences

Statements of Assets and Liabilities

March 31, 2026

June 30, 2026

December 31, 2025

Investment in Dogecoin, at fair value (cost $ 1,000,020 and $ 1,501,050 as of March 31, 2026 and December 31, 2025, respectively)

Investment in Dogecoin, at fair value (cost $ 999,163 and $ 1,501,050 as of June 30, 2026 and December 31, 2025, respectively)

Sponsor Fee payable

5 unchanged sentences

Schedules of Investment

March 31, 2026 (unaudited)

June 30, 2026 (unaudited)

Percentage of

Investment in Dogecoin^

3 unchanged sentences

December 31, 2025

Percentage of

Investment in Dogecoin^

5 unchanged sentences

Bitwise Dogecoin ETF

Statement of Operations

For the three months ended March 31, 2026*

Statements of Operations

For the three months ended June 30, 2026*

For the six months ended June 31, 2026*

Investment income

3 unchanged sentences

Net investment loss

Net realized and unrealized gain (loss)

Net realized gain (loss) on investment in Dogecoin transferred to pay Sponsor Fee

Net realized gain (loss) on investment in Dogecoin sold for redemptions

Net change in unrealized appreciation (depreciation) on investment in Dogecoin

Net realized and change in unrealized gain (loss) on investments

Net realized gain (loss) from investment in Dogecoin transferred to pay Sponsor Fee

Net realized gain (loss) from investment in Dogecoin sold for redemptions

Net change in unrealized appreciation (depreciation) from investment in Dogecoin

Net realized and unrealized gain (loss)

3 unchanged sentences

Bitwise Dogecoin ETF

Statement of Changes in Net Assets

For the three months ended March 31, 2026*

Statements of Changes in Net Assets

For the three months ended June 30, 2026*

For the six months ended June 30, 2026*

Increase (decrease) in net assets resulting from operations

Net investment gain (loss)

Net realized gain (loss) on investment in Dogecoin transferred to pay Sponsor Fee

Net realized gain (loss) on investment in Dogecoin sold for redemptions

Net change in unrealized appreciation (depreciation) on investment in Dogecoin

Net realized gain (loss

Net change in unrealized appreciation (depreciation)

Net increase (decrease) in net assets resulting from operations

14 unchanged sentences

Statement of Cash Flows

For the three months ended March 31, 2026*

For the six months ended June 30, 2026*

Cash flows from operating activities

4 unchanged sentences

Transfer of Dogecoin to pay for Sponsor Fee

Net realized (gain) loss on investment in Dogecoin transferred to pay Sponsor Fee

Net realized (gain) loss on investment in Dogecoin sold for redemptions

Net change in unrealized (appreciation) depreciation on investment in Dogecoin

Net realized (gain) loss from investment in Dogecoin transferred to pay Sponsor Fee

Net realized (gain) loss from investment in Dogecoin sold for redemptions

Net change in unrealized (appreciation) depreciation from investment in Dogecoin

Changes in operating assets and liabilities:

12 unchanged sentences

Notes To Financial Statements

March 31, 2026 (Unaudited)

June 30, 2026 (Unaudited)

Bitwise Dogecoin ETF (the “Trust”) is an investment trust organized on November 6, 2025 under Delaware law pursuant to a First Amended and Restated Declaration of Trust and Trust Agreement (the “Trust Agreement”).

12 unchanged sentences

The Trustee is appointed to serve as the trustee of the Trust in the State of Delaware for the sole purpose of satisfying the requirement of Section 3807(a) of the DSTA that the Trust have at least one trustee with a principal place of business in the State of Delaware.

The statements of assets and liabilities and schedules of investment as of March 31, 2026, and the statement of operations, cash flows, and changes in net assets for the three months ended March 31, 2026, have been prepared on behalf of the Trust.

In the opinion of management of the Sponsor of the Trust, all adjustments (which include normal recurring adjustments) necessary to present fairly the financial position and results of operations for the three-month period ended March 31, 2026, and for all interim periods presented have been made.

The statement of assets and liabilities and schedule of investment as of June 30, 2026, the statement of cash flows for the six-month period ended June 30, 2026, and the statements of operations and changes in net assets for the three and six month periods ended June 30, 2026, have been prepared on behalf of the Trust.

In the opinion of management of the Sponsor of the Trust, all adjustments (which include normal recurring adjustments) necessary to present fairly the financial position and results of operations for the three and six month periods ended June 30, 2026, and for all interim periods presented have been made.

In addition, interim period results are not necessarily indicative of results for a full-year period.

34 unchanged sentences

sorts these Digital Asset Markets from high to low by market-based volume and level of activity of Dogecoin traded on each Digital Asset Market.

For the period ended March 31, 2026, this sort was performed for Digital Asset Markets for the period mid-February through mid-March 2026.

For the six months ended June 30, 2026, this sort was performed for Digital Asset Markets for the period mid-May through mid-June 2026.

Third, Lukka, Inc.

3 unchanged sentences

then selects a Digital Asset Market as its principal market based on the highest market-based volume level of activity and price stability in comparison to the other Digital Asset Markets on the list.

As of March 31, 2026, Lukka, Inc.

As of June 30, 2026, Lukka, Inc.

included Binance, Bitfinex, Bitflyer, Bitstamp, Bullish, Bybit, Coinbase, Crypto.com, Gate.io, Gemini, HitBTC, Huobi, itBit, Kraken, KuCoin, LMAX, MEXC Global, OKX and Poloniex as its primary Exchange Markets in consideration.

At March 31, 2026, the principal market and the principal market price for Dogecoin, which is composed of the majority of the Trust’s

assets as of March 31, 2026, was Coinbase with a price of $ 0.09204 .

At June 30, 2026, the principal market and the principal market price for Dogecoin, which is composed of the majority of the Trust’s

assets as of June 30, 2026, was Coinbase with a price of $ 0.072190 .

The Trust determines its principal market (or in the absence of a principal market the most advantageous market) annually and conducts a quarterly analysis to determine (i) if there have been recent changes to each Digital Asset Market’s trading volume and level of activity in the trailing twelve months, (ii) if any Digital Asset Markets have developed that the Trust has access to, or (iii) if recent changes to each Digital Asset Market's price stability have occurred that would materially impact the selection of the principal market and necessitate a change in the Trust's determination of its principal market.

The cost basis of the Dogecoin received by the Trust in connection with a creation order is recorded by the Trust at the fair value of Dogecoin at 4:00 p.m., New York time, on the creation date for financial reporting purposes.

The cost basis of the Dogecoin received by the Trust in connection with a creation order is recorded by the Trust at the fair value of Dogecoin at 4:00 p.m.

EST on the creation date for financial reporting purposes.

The cost basis recorded by the Trust may differ from proceeds collected by the Authorized Participant from the sale of the corresponding Shares to investors.

7 unchanged sentences

Unobservable inputs, including the Trust's assumptions used in determining the fair value of investments, where there is little or no market activity for the asset or liability at the measurement date.

The following summarizes the Trust’s assets accounted for at fair value at March 31, 2026:

The following summarizes the Trust’s assets accounted for at fair value at June 30, 2026:

Investments in Dogecoin, at fair value

10 unchanged sentences

Instead, the Trust’s income and expenses “flow through” to the shareholders, and the Administrator reports the Trust’s income, gains, losses, and deductions to the Internal Revenue Service on that basis.

The Sponsor has analyzed applicable tax laws and regulations and their application to the Trust, and does not believe that there are any uncertain tax positions that require recognition of a tax liability as of March 31, 2026.

The Trust is required to determine whether its tax positions are more likely than not to be sustained on examination by the applicable taxing authority, based on the technical merits of the position.

Tax positions not deemed to meet a more likely than not threshold would be recorded as a tax expense in the current year.

As of March 31, 2026, the Trust has determined that no provision for income taxes is required and no liability for unrecognized tax benefits has been recorded.

As of June 30, 2026, the Trust has determined that no provision for income taxes is required and no liability for unrecognized tax benefits has been recorded.

The Trust does not expect that its assessment related to unrecognized tax benefits will materially change over the next 12 months.

6 unchanged sentences

Open tax years are those years that are open for examination by the relevant income taxing authority.

As of March 31, 2026, all tax years since inception remain open for examination.

As of June 30, 2026, all tax years since inception remain open for examination.

There were no examinations in progress at period end.

3 unchanged sentences

Fair Value of Dogecoin

As of March 31, 2026, the Trust held a net closing balance of 6,567,469.6487 Dogecoin with a total market value of $ 604,482 based on the CF Dogecoin-Dollar US Settlement Price ("DOGEUSD_NY") price of $ 0.092042 , used to determine the Trust's NAV.

As of June 30, 2026, the Trust held a net closing balance of 6,561,841.7808 Dogecoin with a total market value of $ 473,760 based on the CF Dogecoin-Dollar US Settlement Price ("DOGEUSD_NY") price of $ 0.072199 , used to determine the Trust's NAV.

The total market value of the Trust's Dogecoin held was $ 473,699 based on the price of Dogecoin (Lukka Prime Rate) in the principal market (Coinbase) of $ 0.072190 , used to determine the Trust's Principal Market NAV.

The following represents the changes in quantity of Dogecoin and the respective fair value for the three-month period ended March 31, 2026:

The following represents the changes in quantity of Dogecoin and the respective fair value for the six-month period ended June 30, 2026:

Quantity of Dogecoin

3 unchanged sentences

( 3,285,151.9600

Transfer of Dogecoin to pay for Sponsor Fee

Net realized gain (loss) on investment in Dogecoin transferred to pay Sponsor Fee

Net realized gain (loss) on investment in Dogecoin sold for redemptions

Change in unrealized appreciation (depreciation) on investment in Dogecoin

Ending balance as of March 31, 2026

Dogecoin transferred for Sponsor Fee

( 10,907.8757

Net realized gain (loss) from investment in Dogecoin transferred to pay Sponsor Fee

Net realized gain (loss) from investment in Dogecoin sold for redemptions

Change in unrealized appreciation (depreciation) from investment in Dogecoin

Ending balance as of June 30, 2026

6,561,841.7808

Dispositions during the period represent Dogecoin sold as a result of shareholder redemptions from the Trust.

In addition, Dogecoin was transferred to pay the Sponsor Fee of the Trust.

For the three months ended March 31, 2026, the Trust recognized net realized losses of $ 93,486 , which represents the net of cumulative realized gains of $ 0 and cumulative realized losses of $ 93,486 .

For the six months ended June 30, 2026, the Trust recognized net realized losses of $ 93,786 , which represents the net of cumulative realized gains of $ 0 and cumulative realized losses of $ 93,786 .

As of December 31, 2025, the Trust held a net closing balance of 9,857,901.6165 Dogecoin with a total market value of $ 1,148,901 based on the DOGEUSD_NY price of $ 0.11654 , used to determine the Trust's NAV.

The total market value of the Trust's Dogecoin held was $ 1,152,882 based on the price of Dogecoin (Lukka Prime Rate) in the principal market (Coinbase) of $ 0.11695 , used to determine the Trust's Principal Market NAV.

The following represents the changes in quantity of Dogecoin and the respective fair value for the period from November 25, 2025 to December 31, 2025 :

The following represents the changes in quantity of Dogecoin and the respective fair value for the period from November 25, 2025 (commencement of operations) to December 31, 2025 :

Quantity of Dogecoin

3 unchanged sentences

( 6,571,934.4400

Net realized gain (loss) on investment in Dogecoin sold for redemptions

Change in unrealized appreciation (depreciation) on investment in Dogecoin

Net realized gain (loss) from investment in Dogecoin sold for redemptions

Change in unrealized appreciation (depreciation) from investment in Dogecoin

Ending balance as of December 31, 2025

14 unchanged sentences

The Trust may incur certain extraordinary, non-recurring expenses that are not assumed by the Sponsor, including but not limited to, taxes and governmental charges, any applicable brokerage commissions, financing fees, Dogecoin network fees and similar transaction fees, expenses and costs of any extraordinary services performed by the Sponsor (or any other service provider) on behalf of the Trust to protect the Trust or the Shareholders (including, for example, in connection with any fork of the Dogecoin Blockchain, any Incidental Rights and any IR Asset, any indemnification of the Cash Custodian, Dogecoin Custodian, Prime Execution Agent, Transfer Agent, Administrator or other agents, service providers or counterparties of the Trust, and extraordinary legal fees and expenses, including any legal fees and expenses incurred in connection with litigation, regulatory enforcement or investigation matters).

See Note 1 for further discussion on related party capital transactions.

As of June 30, 2026, the Sponsor owned no Shares of the Trust.

Creation and Redemption of Shares

5 unchanged sentences

The Trust only creates and redeems Baskets in transactions with financial firms that are authorized to purchase or redeem Shares with the Trust (each, an “Authorized Participant”).

In the case of In-Kind Creations and In-Kind Redemptions, an Authorized Participant or

an Authorized Participant’s designee (“Authorized Participant Designee”) deposits Dogecoin directly with the Trust or receives Dogecoin directly from the Trust.

In the case of In-Kind Creations and In-Kind Redemptions, an Authorized Participant or an Authorized Participant’s designee (“Authorized Participant Designee”) deposits Dogecoin directly with the Trust or receives Dogecoin directly from the Trust.

Shares initially comprising the same Basket but offered by the Authorized Participants to the public at different times may have different offering prices that depend on various factors, including the supply and demand for Shares, the value of the Trust’s assets, and market conditions at the time of a transaction.

6 unchanged sentences

The Transfer Agent will facilitate the settlement of Shares in response to the placement of creation orders and redemption orders from Authorized Participants.

The Trust has entered into the Cash Custody Agreement with BNY Mellon under which BNY Mellon acts as custodian of the Trust’s cash and cash equivalents.

The Trust has entered into a Cash Custody Agreement with BNY Mellon under which BNY Mellon acts as custodian of the Trust’s cash and cash equivalents.

The Trust only creates or redeems its Shares at NAV.

Concentration of Risk

Risks and Uncertainties

Substantially all the Trust’s assets are holdings of Dogecoin, which creates a concentration risk associated with fluctuations in the price of Dogecoin.

13 unchanged sentences

Payable for Dogecoin purchased represents the quantity of Dogecoin purchased for the creation of Shares where the Dogecoin has not yet settled.

March 31, 2026

June 30, 2026

December 31, 2025

1 unchanged sentence

Receivable for Dogecoin sold represents the quantity of Dogecoin sold for the redemption of Shares where the Dogecoin has not yet been settled.

March 31, 2026

June 30, 2026

December 31, 2025

1 unchanged sentence

Financial Highlights

Per-Share Performance (for a Share outstanding throughout the period presented)

For the three months ended March 31, 2026*

Per Share Performance (for a Share outstanding throughout the periods presented)

For the three months ended June 30, 2026*

For the six months ended June 30, 2026*

Principal Market NAV per-share, beginning of period

9 unchanged sentences

Calculated using average Shares outstanding.

Because of the timing of subscriptions and redemptions in relation to fluctuating markets at value, the amount shown may not agree with the change in aggregate gains and losses.

Total return is calculated based on the change in Principal Market NAV during the reporting

An individual shareholder’s total return and ratios may vary from the above total return and

ratios based on the timing of Share transactions from the Trust.

Total return for the period is not annualized.

Because of the timing of subscriptions and redemptions in relation to fluctuating market values, the amount shown may not agree with the change in aggregate gains and losses.

Total return is calculated based on the change in Principal Market NAV during the reporting period.

An individual shareholder’s total return and ratios may vary from the above total return and ratios based on the timing of Share transactions from the Trust.

Total return is not annualized.

Segment Reporting

9 unchanged sentences

Subsequent Events

The Trust has evaluated subsequent events through May 8, 2026, the date the financial statements were issued, and has determined that there are no subsequent events that require adjustments to or disclosure in the financial statements.

The Trust has evaluated subsequent events through August 12, 2026, the date the financial statements were issued, and has determined that there are no subsequent events that require adjustments to or disclosure in the financial statements.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements