Bitwise Dogecoin ETF 10-Q

Item 1. Financial Statements (Unaudited) . Bitwise Dogecoin ETF Statements of Assets and Liabilities June 30, 2026 December 31, 2025 (unaudited) Assets Investment in Dogecoin, at fair value (cost $ 999,163 and $ 1,501,050 as of June 30, 2026 and December 31, 2025, respectively) $ 473,699 $ 1,152,882 Cash — — Total assets 473,699 1,152,882 Liabilities Sponsor Fee payable 152 67 Total liabilities 152 67 Net Assets $ 473,547 $ 1,152,815 Shares issued and outstanding, no par value ( unlimited amount authorized) 40,000 60,000 Principal Market NAV per Share $ 11.84 $ 19.21 The accompanying notes are an integral part of the Financial Statements. 1 Bitwise Dogecoin ETF Schedules of Investment June 30, 2026 (unaudited) Quantity Percentage of of Dogecoin Cost Fair Value Net Assets Investment in Dogecoin^ 6,561,841.7808 $ 999,163 $ 473,699 100.03 % Total investment $ 999,163 473,699 100.03 % Liabilities in excess of other assets ( 152 ) ( 0.03 )% Net Assets $ 473,547 100.00 % December 31, 2025 Quantity Percentage of of Dogecoin Cost Fair Value Net Assets Investment in Dogecoin^ 9,857,901.6165 $ 1,501,050 $ 1,152,882 100.01 % Total investment $ 1,501,050 1,152,882 100.01 % Liabilities in excess of other assets ( 67 ) ( 0.01 )% Net Assets $ 1,152,815 100.00 % ^ Crypto assets do not have a singular country or geographic region, therefore country information is omitted. The accompanying notes are an integral part of the Financial Statements. 2 Bitwise Dogecoin ETF Statements of Operations For the three months ended June 30, 2026* For the six months ended June 31, 2026* (unaudited) (unaudited) Investment income Investment income $ — $ — Expenses Sponsor Fee 531 1,215 Total expenses 531 1,215 Less: waivers and reimbursements — — Net expenses 531 1,215 Net investment loss ( 531 ) ( 1,215 ) Net realized and change in unrealized gain (loss) on investments Net realized gain (loss) from investment in Dogecoin transferred to pay Sponsor Fee ( 300 ) ( 531 ) Net realized gain (loss) from investment in Dogecoin sold for redemptions — ( 93,255 ) Net change in unrealized appreciation (depreciation) from investment in Dogecoin ( 129,914 ) ( 177,296 ) Net realized and unrealized gain (loss) ( 130,214 ) ( 271,082 ) Net increase (decrease) in net assets resulting from operations $ ( 130,745 ) $ ( 272,297 ) * No comparative period information yet available as the Trust commenced operations on November 25, 2025. The accompanying notes are an integral part of the Financial Statements. 3 Bitwise Dogecoin ETF Statements of Changes in Net Assets For the three months ended June 30, 2026* For the six months ended June 30, 2026* (unaudited) (unaudited) Increase (decrease) in net assets resulting from operations Net investment gain (loss) $ ( 531 ) $ ( 1,215 ) Net realized gain (loss ( 300 ) ( 93,786 ) Net change in unrealized appreciation (depreciation) ( 129,914 ) ( 177,296 ) Net increase (decrease) in net assets resulting from operations ( 130,745 ) ( 272,297 ) Increase (decrease) in net assets from capital share transactions Creations for Shares issued — — Redemptions for Shares redeemed — ( 406,971 ) Net increase (decrease) in net assets resulting from capital share transactions — ( 406,971 ) Total increase (decrease) in net assets from operations and capital share transactions ( 130,745 ) ( 679,268 ) Net assets Beginning of period 604,292 1,152,815 (1) End of period $ 473,547 $ 473,547 Shares issued and redeemed Shares issued — — Shares redeemed — ( 20,000 ) Net increase (decrease) in Shares issued and outstanding — ( 20,000 ) * No comparative financial statements have been provided as the Trust commenced operations on November 25, 2025. The accompanying notes are an integral part of the Financial Statements. 4 Bitwise Dogecoin ETF Statement of Cash Flows For the six months ended June 30, 2026* (unaudited) Cash flows from operating activities Net increase (decrease) in net assets resulting from operations $ ( 272,297 ) Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities: Purchases of Dogecoin — Proceeds from Dogecoin sold 406,971 Transfer of Dogecoin to pay for Sponsor Fee 1,130 Net realized (gain) loss from investment in Dogecoin transferred to pay Sponsor Fee 531 Net realized (gain) loss from investment in Dogecoin sold for redemptions 93,255 Net change in unrealized (appreciation) depreciation from investment in Dogecoin 177,296 Changes in operating assets and liabilities: Increase (decrease) in Sponsor Fee payable 85 Net cash provided by (used in) operating activities 406,971 Cash flows from financing activities Creations for Shares issued — Redemptions for Shares redeemed ( 406,971 ) Net cash provided by (used in) financing activities ( 406,971 ) Net increase (decrease) in cash — Cash, beginning of period — Cash, end of period $ — * No comparative financial statements have been provided as the Trust commenced operations on November 25, 2025. The accompanying notes are an integral part of the Financial Statements. 5 Bitwise Dogecoin ETF Notes To Financial Statements June 30, 2026 (Unaudited) 1. Organization 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”). The Trust’s primary investment objective is to seek to provide exposure to the value of Dogecoin held by the Trust, less the expenses of the Trust’s operations, which is generally just the Sponsor Fee. In seeking to achieve its primary investment objective, the Trust’s sole asset is Dogecoin. The Trust is an Exchange Traded Product (“ETP”) that issues common shares of beneficial interest (“Shares”) that are listed on the NYSE Arca, Inc. (the “Exchange”) under the ticker symbol “BWOW,” providing investors with an efficient means to obtain market exposure to the price of Dogecoin. Bitwise Investment Advisers, LLC (the "Sponsor"), a wholly-owned subsidiary of Bitwise Asset Management, Inc. ("BAM") serves as the Sponsor for the Trust. The Sponsor arranged for the creation of the Trust and is responsible for the ongoing registration of the Shares for their public offering in the U.S. and the listing of Shares on the Exchange. The Sponsor will develop a marketing plan for the Trust, will prepare marketing materials regarding the Shares, and will operate the marketing plan of the Trust on an ongoing basis. The Sponsor also oversees the additional service providers of the Trust and exercises managerial control of the Trust as permitted under the Trust Agreement. The Sponsor has agreed to pay all operating expenses (except for litigation expenses and other extraordinary expenses) out of the Sponsor’s unified management fee. CSC Delaware Trust Company acts as the trustee of the Trust (the “Trustee”) for the purpose of creating a Delaware statutory trust in accordance with the Delaware Statutory Trust Act (“DSTA”). 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 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. Prior to the commencement of operations on November 25, 2025, on November 3, 2025, Bitwise Asset Management, Inc. ("BAM"), the parent company of the Sponsor, purchased 8 Shares at a per share price of $ 25.00 for $ 200.00 in a transaction exempt from registration under Section 4(a)(2) of the 1933 Act (the "Seed Shares"). On November 25, 2025, BAM redeemed the entirety of its 8 Seed Shares for $ 200 and Bitwise Investment Manager, LLC (“BIM”), an affiliate of the Sponsor, purchased the initial 100,000 Shares of the Trust (the “Seed Baskets”) for $ 2,500,000 , at a per share price of $ 25.00 . 2. Significant Accounting Policies The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements. Basis of Presentation The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The Trust is an investment company and follows the specialized accounting and reporting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services—Investment Companies. Use of Estimates The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of these financial statements. Actual results could differ from those estimates. 6 Cash Generally, the Trust does not intend to hold any cash. Cash includes non-interest-bearing unrestricted cash with one institution. Cash in a bank deposit account, at times, may exceed U.S. federally insured limits. The Trust has not experienced any losses in such accounts and does not believe it is exposed to any significant credit risk on such bank deposits. Investment Transactions and Revenue Recognition The Trust records its investment transactions on a trade date basis and changes in fair value are reflected as net change in unrealized appreciation or depreciation on investment in Dogecoin. Realized gains and losses are calculated using the specific identification method. Realized gains and losses are recognized in connection with transactions including settling obligations for the Sponsor Fee in Dogecoin. Investment Valuation - Principal Market Net Asset Value ("NAV") To determine which market is the Trust's principal market (or in the absence of a principal market, the most advantageous market) for purposes of calculating the Trust's net asset value in accordance with U.S. GAAP ("Principal Market NAV" and "Principal Market NAV per Share"), the Trust follows ASC Topic 820-10, Fair Value Measurement, which outlines the application of fair value accounting. ASC 820-10 determines fair value to be the price that would be received for Dogecoin in a current sale, which assumes an orderly transaction between market participants on the measurement date. ASC 820-10 requires the Trust to assume that Dogecoin is sold in its principal market to market participants or, in the absence of a principal market, the most advantageous market. Market participants are defined as buyers and sellers in the principal or most advantageous market that are independent, knowledgeable, and willing and able to transact. The Trust only receives Dogecoin in connection with a creation order from the Authorized Participant (or a Liquidity Provider) and does not itself transact on any Digital Asset Markets. Therefore, the Trust looks to market-based volume and level of activity for Digital Asset Markets. The Authorized Participant(s), or a Liquidity Provider, may transact in a Brokered Market, a Dealer Market, Principal-to-Principal Markets and Exchange Markets ("Trading Platform Markets”), each as defined in the FASB ASC Master Glossary (collectively, "Digital Asset Markets"). In determining which of the eligible Digital Asset Markets is the Trust's principal market, the Trust reviews these criteria in the following order: First, the Trust reviews a list of Digital Asset Markets that are U.S. accessible, have historically provided publicly available data, and are exchanges that Bitwise normally transacts on. Specifically, the Trust utilizes a third-party valuation vendor, Lukka, Inc., to identify publicly available, well established and reputable crypto asset exchanges selected in their sole discretion. Second, Lukka, Inc. 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 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. then reviews pricing fluctuations and the degree of variances in price on each Digital Asset Market during the 60 minutes prior to 4:00 pm. EST for Dogecoin to identify any material notable variances that may impact the volume or price information of a particular Digital Asset Market. Fourth, Lukka, Inc. 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 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 June 30, 2026, the principal market and the principal market price for Dogecoin, which is composed of the majority of the Trust’s 7 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. 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. Various inputs are used to determine the fair value of assets and liabilities. Inputs may be based on independent market data (“observable inputs”) or they may be internally developed (“unobservable inputs”). These inputs are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes. The level of a value determined for an asset or liability within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement in its entirety. The three levels of the fair value hierarchy are as follows: Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities; Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived principally from or corroborated by observable market data by correlation or other means; and Level 3: 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 June 30, 2026: Level 1 Level 2 Level 3 Total Assets Investments in Dogecoin, at fair value $ 473,699 $ — $ — $ 473,699 The following summarizes the Trust’s assets accounted for at fair value at December 31, 2025: Level 1 Level 2 Level 3 Total Assets Investments in Dogecoin, at fair value $ 1,152,882 $ — $ — $ 1,152,882 Calculation of Net Asset Value (NAV) and NAV Per Share On each business day, as soon as practicable after 4:00 p.m. EST, the NAV of the Trust is obtained by subtracting all accrued fees and other liabilities of the Trust from the fair value of the Dogecoin held by the Trust. The Bank of New York Mellon (the “Administrator”) computes the NAV per share by dividing the NAV of the Trust by the number of Shares outstanding on the date the computation is made. 8 Income Taxes The Trust is classified as a “grantor trust” for U.S. federal income tax purposes. As a result, the Trust itself is not subject to U.S. federal income tax. 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 June 30, 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 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. However, the Trust’s conclusions may be subject to review and adjustment at a later date based on factors including, but not limited to, the nexus of income among various tax jurisdictions; compliance with U.S. federal, U.S. state, and tax laws of jurisdictions in which the Trust operates; and changes in the administrative practices and precedents of the relevant authorities. The Trust is required to analyze all open tax years. Open tax years are those years that are open for examination by the relevant income taxing authority. As of June 30, 2026, all tax years since inception remain open for examination. There were no examinations in progress at period end. Organizational and Offering Costs The costs of the Trust’s organization and the initial offering of the Shares are borne directly by the Sponsor. The Trust is not obligated to reimburse the Sponsor. 3. Fair Value of Dogecoin 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 six-month period ended June 30, 2026: Quantity of Dogecoin Fair Value Beginning balance as of December 31, 2025 9,857,901.6165 $ 1,152,882 Purchases — — Sales for the redemption of Shares ( 3,285,151.9600 ) ( 406,971 ) Dogecoin transferred for Sponsor Fee ( 10,907.8757 ) ( 1,130 ) Net realized gain (loss) from investment in Dogecoin transferred to pay Sponsor Fee — ( 531 ) Net realized gain (loss) from investment in Dogecoin sold for redemptions — ( 93,255 ) Change in unrealized appreciation (depreciation) from investment in Dogecoin — ( 177,296 ) Ending balance as of June 30, 2026 6,561,841.7808 $ 473,699 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 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. 9 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 Fair Value Beginning balance as of November 25, 2025 (commencement of operations) 0.0000 $ — Purchases 16,429,836.0565 2,501,750 Sales for the redemption of Shares ( 6,571,934.4400 ) ( 972,354 ) Net realized gain (loss) from investment in Dogecoin sold for redemptions — ( 28,346 ) Change in unrealized appreciation (depreciation) from investment in Dogecoin — ( 348,168 ) Ending balance as of December 31, 2025 9,857,901.6165 $ 1,152,882 4. Related Party Transactions and Agreements The Trust pays a Sponsor Fee of 0.34 % per annum of the Trust’s Dogecoin holdings. For a one-month period commencing on November 25, 2025 , the day the Shares were initially listed on the Exchange, the Sponsor waived the entire Sponsor Fee on the first $ 500 million of Trust assets through December 24, 2025. The Sponsor Fee is paid by the Trust to the Sponsor as compensation for services performed under the Trust Agreement and Sponsor Agreement. After the period during which all or a portion of the Sponsor Fee was waived, the Sponsor Fee began accruing daily, and will be payable in Dogecoin monthly in arrears. The Administrator calculates the Sponsor Fee on a daily basis by applying a 0.34 % annualized rate to the Trust’s total Dogecoin holdings, and the amount of Dogecoin payable in respect of each daily accrual shall be determined by reference to the DOGEUSD_NY. The NAV of the Trust is reduced each day by the amount of the Sponsor Fee calculated each day. On or about the last day of each month, an amount of Dogecoin will be transferred from the Trust Dogecoin Account to the Sponsor Dogecoin Account equal to the sum of all daily Sponsor Fees accrued for the month in U.S. dollars divided by the DOGEUSD_NY price on the last day of the month. The Trust is not responsible for paying any fees or costs associated with the transferring of Dogecoin to the Sponsor. In exchange for the Sponsor Fee, the Sponsor has agreed to assume and pay the normal operating expenses of the Trust, which include the Trustee’s monthly fee and out-of-pocket expenses, the fees of the Trust’s regular service providers (Cash Custodian, Dogecoin Custodian, Prime Execution Agent, Marketing Agent, Transfer Agent and Administrator), exchange listing fees, tax reporting fees, SEC registration fees, printing and mailing costs, audit fees and up to $ 500,000 per annum in ordinary legal fees and expenses. The Sponsor may determine in its sole discretion to assume legal fees and expenses of the Trust in excess of $ 500,000 per annum. The Sponsor also agreed to pay the costs of the Trust’s organization. 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. 5. Creation and Redemption of Shares The Trust may either create and redeem Shares in-kind for Dogecoin (“In-Kind Creations” and “In-Kind Redemptions,” respectively) or for cash (“Cash Creations” and “Cash Redemptions,” respectively). When the Trust creates or redeems its Shares, it does so in blocks of 10,000 Shares (each, a “Basket”) based on the quantity of Dogecoin attributable to each Share of the Trust (net of accrued but unpaid expenses and liabilities) multiplied by the number of Shares ( 10,000 ) comprising a Basket (the “Basket Amount”). For an order to purchase (create) a Basket, the purchase shall be in the amount of Dogecoin represented by the Basket Amount (in the case of an In-Kind Creation) or the amount of U.S. dollars needed to purchase the Basket Amount (plus a per-order transaction fee), as calculated by the Administrator (in the case of a Cash Creation). For an order to redeem a Basket, the Sponsor shall either arrange for the Basket Amount of Dogecoin to be distributed in-kind (in the case of an In-Kind Redemption) or sold and the cash proceeds (minus a per-order transaction fee) distributed (in the case of a Cash Redemption). 10 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. 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. Authorized Participants must pay the Transfer Agent a non-refundable fee for each order they place to create or redeem one or more Baskets. The transaction fee may be waived, reduced, increased or otherwise changed by the Sponsor in its sole discretion. Authorized Participants who make deposits with the Trust in exchange for Baskets receive no fees, commissions or other form of compensation or inducement of any kind from either the Trust or the Sponsor, and no such person has any obligation or responsibility to the Sponsor or the Trust to effect any sale or resale of Shares. Each Authorized Participant is required to be registered as a broker-dealer under the Securities Exchange Act of 1934, as amended, and a member in good standing with FINRA, or exempt from being or otherwise not required to be licensed as a broker-dealer or a member of FINRA, and is qualified to act as a broker or dealer in the states or other jurisdictions where the nature of its business so requires. Certain Authorized Participants may also be regulated under federal and state banking laws and regulations. Each Authorized Participant has its own set of rules and procedures, internal controls and information barriers as it determines is appropriate in light of its own regulatory regime. 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 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. 6. 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. Accordingly, a decline in the price of Dogecoin will have an adverse effect on the value of the Shares of the Trust. The trading prices of Dogecoin have experienced extreme volatility in recent periods and may continue to fluctuate significantly. Extreme volatility in the future, including substantial, sustained, or rapid declines in the trading prices of Dogecoin, could have a material adverse effect on the value of the Shares and the Shares could lose all or substantially all of their value. Factors adversely impacting the value of Dogecoin and the Shares may include an increase in the global Dogecoin supply or a decrease in global Dogecoin demand; market conditions of, and overall sentiment towards, the crypto assets and blockchain technology industry; trading activity on crypto asset exchanges, which, in many cases, are largely unregulated or may be subject to manipulation; the adoption of Dogecoin as a medium of exchange, store-of-value or other consumptive asset and the maintenance and development of the open-source software protocol of the Dogecoin network, and their ability to meet user demands; manipulative trading activity on crypto asset exchanges, which, in many cases, are largely unregulated; and forks in the Dogecoin network, among other things. Coinbase Custody Trust Company, LLC serves as the Trust’s custodian for Dogecoin for which qualified custody is available (the “Dogecoin Custodian”). The Dogecoin Custodian is subject to change in the sole discretion of the Sponsor. Temporary differences in the quantity of Dogecoin held by the Dogecoin Custodian from the amounts reflected in the financial statements may occur. These differences are due to pending settlement of Dogecoin trades with the Dogecoin Custodian, which generally occurs within two business days of the trade date. Payable for Dogecoin purchased represents the quantity of Dogecoin purchased for the creation of Shares where the Dogecoin has not yet settled. June 30, 2026 December 31, 2025 (unaudited) Payable for Dogecoin purchased $ — $ — Receivable for Dogecoin sold represents the quantity of Dogecoin sold for the redemption of Shares where the Dogecoin has not yet been settled. June 30, 2026 December 31, 2025 (unaudited) Receivable for Dogecoin sold $ — $ — 11 7. Financial Highlights 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* (unaudited) (unaudited) Principal Market NAV per-share, beginning of period $ 15.11 $ 19.21 Net investment income (loss) 1 ( 0.01 ) ( 0.03 ) Net realized and change in unrealized appreciation (depreciation) on investment in Dogecoin ( 3.26 ) ( 7.34 ) 2 Net change in net assets from operations ( 3.27 ) ( 7.37 ) Principal Market NAV per-share, end of period $ 11.84 $ 11.84 Total return, at net asset value 3 ( 21.64 ) % ( 38.37 ) % Ratios to average net assets 4 Gross expenses 0.34 % 0.34 % Net expenses 0.34 % 0.34 % Net investment income (loss) ( 0.34 ) % ( 0.34 ) % * No comparative financial statements have been provided as the Trust commenced operations on November 25, 2025 . 1. Calculated using average Shares outstanding. 2. 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. 3. 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. 4. Annualized. 8. Segment Reporting An operating segment is defined in FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (“Topic 280”), as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s Chief Operating Decision Maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. Selected members of the Executive Management Committee and other senior personnel of the Sponsor act as the Trust’s CODM. The Trust represents a single operating segment, as the CODM monitors the operating results of the Trust as a whole and the Trust’s long-term strategic asset allocation is pre-determined in accordance with the terms of its Trust agreement, based on a defined investment strategy which is executed by the Sponsor. The financial information in the form of the Trust’s assets, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, creations and redemptions), which are used by the CODM to assess the segment’s performance versus the Trust’s comparative benchmarks and to make resource allocation decisions for the Trust’s single segment, is consistent with that presented within the Trust’s financial statements. Segment assets are reflected on the accompanying statement of assets and liabilities as “total assets” and significant segment expenses are listed on the accompanying statement of operations. 9. Indemnifications 12 In the normal course of business, the Trust enters into contracts and agreements that contain a variety of representations and warranties and which provide general indemnifications. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. The Trust expects the risk of any future obligation under these indemnifications to be remote. 10. Subsequent Events 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. 13