What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2026-08-11 compared with 2026-05-13 · 71 added, 58 removed, 214 unchanged (38% of the section changed)

2 unchanged sentences

STATEMENTS OF ASSETS AND LIABILITIES

September 30,

Investment in Dogecoin, at fair value (cost $ 4,239,631 , and $ 0 , respectively) $ 2,761,751 $ –

4 unchanged sentences

Net assets $ 2,761,536 $ 100

Net assets consists of

Net assets consist of

Paid-in-capital $ 4,246,310 $ 100

3 unchanged sentences

Net asset value per Share $ 14.53 $ 50.00

The accompanying notes are an integral part of the financial

The accompanying notes are an integral part of the financial statements.

21SHARES DOGECOIN ETF

SCHEDULE OF INVESTMENT

March 31, 2026* (Unaudited)

OF INVESTMENT

30, 2026* (Unaudited)

% of Net Assets

3 unchanged sentences

Net assets $ 2,761,536 100.00 %

* No prior comparative financial statements has been provided as the Trust did not hold investments in Dogecoin as of September 30, 2025.

The accompanying notes are an integral part of the financial statements.

* No prior comparative statements have been provided as the Trust did not hold investments in Dogecoin as of September 30, 2025.

accompanying notes are an integral part of the financial statements.

21 SHARES DOGECOIN ETF

STATEMENTS OF OPERATIONS

March 31, 2026*

OF OPERATIONS

June 30, 2026*

Sponsor Fee $ 4,207 $ 5,942

2 unchanged sentences

Realized and change in unrealized gain (loss)

Net realized gain on in-kind liabilities paid 185 315

Net realized loss on investment in Dogecoin sold to pay Sponsor Fee ( 780 ) ( 1,287 )

Net change in unrealized depreciation on investment in Dogecoin ( 843,282 ) ( 1,477,880 )

Net change in unrealized gain on Sponsor Fee payable 147 147

Net change in unrealized appreciation on Sponsor Fee payable 3 20

Net realized and change in unrealized loss ( 843,874 ) ( 1,478,832 )

Net decrease in net assets resulting from operations $ ( 848,081 ) $ ( 1,484,774 )

* No prior comparative financial statements have been provided as this is the first fiscal year of the Trust’s investment operations.

The accompanying notes are an integral part

of the financial statements.

* No prior comparative statements have been provided as this is the first fiscal year of the Trust’s investment operations.

accompanying notes are an integral part of the financial statements.

21SHARES DOGECOIN ETF

STATEMENTS OF CHANGES IN NET ASSETS

OF CHANGES IN NET ASSETS

Three Months Ended

Six Months Ended

March 31, 2026*

June 30, 2026*

Net assets, beginning of period $ 1,855,458 $ 100

2 unchanged sentences

Net investment loss ( 4,207 ) ( 5,942 )

Net realized gain on in-kind liabilities paid 185 315

Net realized loss on investment in Dogecoin sold to pay Sponsor Fee ( 780 ) ( 1,287 )

Net change in unrealized depreciation on investment in Dogecoin ( 843,282 ) ( 1,477,880 )

Net change in unrealized gain on Sponsor Fee payable 147 147

Net change in unrealized appreciation on Sponsor Fee payable 3 20

Net assets, end of period $ 2,761,536 $ 2,761,536

3 unchanged sentences

Net increase in Shares issued 90,000 189,998

* No prior comparative financial

statements have been provided as this is the first fiscal year of the Trust’s investment operations.

The accompanying notes are an integral part

of the financial statements.

to Financial Statements (Unaudited)

prior comparative statements have been provided as this is the first fiscal year of the Trust’s investment operations.

accompanying notes are an integral part of the financial statements.

21Shares Dogecoin ETF

Notes to Financial Statements (Unaudited)

The 21Shares Dogecoin ETF (the “Trust”) is a Maryland statutory trust, formed on April 1, 2025, pursuant to the Maryland Statutory Trust Act (“MSTA”).

The Trust operates pursuant to an Amended and Restated Trust Agreement (the “Trust Agreement”).

The Trust operates pursuant to a Second Amended and Restated Trust Agreement (the “Trust Agreement”).

Wilmington Trust, N.A., a Maryland trust company, is the trustee of the Trust (the “Trustee”).

5 unchanged sentences

(“Anchorage”), and BitGo Bank & Trust, N.A.

(“BitGo” and together with Coinbase and Anchorage, as the context may require, the “Dogecoin Custodian”, “Custodians” and each a “Dogecoin Custodian”) are the custodians for the Trust and hold all of the Trust’s Dogecoin tokens, the native digital asset of the Dogecoin blockchain (“Dogecoin”), on the Trust’s behalf.

(“BitGo” and together with Coinbase and Anchorage, as the context may require, the “Dogecoin Custodians”, “Custodians” and each a “Dogecoin Custodian”) are the custodians for the Trust and hold all of the Trust’s Dogecoin tokens, the native digital asset of the Dogecoin blockchain (“Dogecoin”), on the Trust’s behalf.

The transfer agent (the “Transfer Agent”), the administrator for the Trust (the “Administrator”), and the cash custodian (the “Cash Custodian”), is Bank of New York Mellon.

5 unchanged sentences

The Pricing Benchmark is designed to reflect the performance of Dogecoin in U.S.

In seeking to achieve its investment objective, the Trust holds Dogecoin at its Custodians and values its Shares daily based on the Pricing Benchmark.

In seeking to achieve its investment objective, the Trust holds Dogecoin at its Custodians and the Administrator values the Shares daily based on the Pricing Benchmark.

On June 30, 2026, the Sponsor provided notice to the Pricing Benchmark Provider of the termination, effective August 31, 2026, of the licensing agreement between the Sponsor and the Pricing Benchmark Provider relating to the use of the Pricing Benchmark.

The Sponsor intends to enter into a licensing agreement with FTSE International Limited (“FTSE”) on or about August 24, 2026, whereby FTSE will provide each of the Sponsor, the Trust, and their affiliates a non-exclusive, non-transferable, non-sub-licensable, worldwide license to access, view and use FTSE index data to develop, create, calculate, settle, maintain or support and market the Trust.

Accordingly, the change in pricing benchmark provider is not expected to have a material impact on the Trust's net asset value, the fair value measurement of the Trust's Dogecoin, or the Trust's results of operations, and does not represent a change in accounting principle.

The change will be applied prospectively from the date the successor benchmark becomes effective.

The Trust is an “emerging growth company” as that term is used in the Securities Act, and, as such, the Trust may elect to comply with certain reduced public company reporting requirements.

3 unchanged sentences

On October 15, 2025, the Sponsor redeemed the Initial Seed Shares for $ 100 .

On January 21, 2026 (the “Seed Capital Purchase Date”), the Sponsor, in its capacity as Seed Capital Investor, purchased the initial Baskets comprising 60,000 Shares (the “Initial Seed Creation Baskets”) at a per-share price of $ 25.66 .

On January 21, 2026 (the “Seed Capital Purchase Date”), the Sponsor, in its capacity as Seed Capital Investor, purchased the initial Baskets comprising 60,000 Shares (the “Seed Creation Baskets”) at a per-share price of $ 25.66 .

In its capacity as the Seed Capital Investor, the Sponsor has acted as a statutory underwriter in connection with such purchase.

The total proceeds to the Trust from the sale of the Initial Seed Creation Baskets were $ 1,539,463 .

On January 21, 2026, the Trust purchased Dogecoin with the proceeds of the Initial Seed Creation Baskets by transacting with a designated third party, who may be an Authorized Participant or an affiliate of an Authorized Participant, and with whom the Sponsor has entered into an agreement on behalf of the Trust (each such third party, a ” Dogecoin Counterparty”) to acquire Dogecoin on behalf of the Trust in exchange for cash provided by the Sponsor in its capacity as Seed Capital Investor.

All Dogecoin acquired in connection with the Initial Seed Creation Baskets is held by one or more of the Dogecoin Custodians.

The statements of assets and liabilities and schedule of investment on March 31, 2026 and September 30, 2025, and the statements of operations, and changes in net assets for the three and six months ended March 31, 2026 have been prepared on behalf of the Trust and are unaudited.

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 quarter ended March 31, 2026, and for all interim periods presented have been made.

The total proceeds to the Trust from the sale of the Seed Creation Baskets were $ 1,539,463 .

On January 21, 2026, the Trust purchased Dogecoin with the proceeds of the Seed Creation Baskets by transacting with a designated third party, who may be an Authorized Participant or an affiliate of an Authorized Participant, and with whom the Sponsor has entered into an agreement on behalf of the Trust (each such third party, a “Dogecoin Counterparty”) to acquire Dogecoin on behalf of the Trust in exchange for cash provided by the Sponsor in its capacity as Seed Capital Investor.

All Dogecoin acquired in connection with the Seed Creation Baskets is held by one or more of the Dogecoin Custodians.

The statements of assets and liabilities and schedule of investment on June 30, 2026, and the statements of operations, and changes in net assets for the three and nine months ended June 30, 2026 have been prepared on behalf of the Trust and are unaudited.

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 period ended June 30, 2026, and for all interim periods presented have been included.

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

5 unchanged sentences

The Trust uses fair value as its method of accounting for Dogecoin in accordance with its classification as an investment company for accounting purposes.

As an investment company for accounting purposes, the Trust is exempt from the requirement to present a statement of cash flows pursuant to ASC Topic 230, Statement of Cash Flows.

Accordingly, a statement of cash flows has not been presented.

Accounting Estimates

22 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 table presents information about the Trust’s assets measured at fair value as of March 31, 2026 (Unaudited):

The following table presents information about the Trust’s assets measured at fair value as of June 30, 2026 (Unaudited):

Amount at Fair Value Measurement Using

Fair Value Level 1 Level 2 Level 3

March 31, 2026 (Unaudited)*

June 30, 2026 (Unaudited)*

Investment in Dogecoin $ 2,761,751 $ 2,761,751 $ – $ –

* There was no Dogecoin holdings as of September 30, 2025.

* There were no Dogecoin holdings as of September 30, 2025.

The cost basis of the investment in Dogecoin recorded by the Trust for financial reporting purposes is the fair value of Dogecoin at the time of purchase.

4 unchanged sentences

Realized gains and losses are calculated using the specific identification method.

Realized gains and losses are recognized in connection with transactions including redemption of shares and settling obligations for the Sponsor Fee in Dogecoin.

Realized gains and losses are recognized in connection with transactions including redemption of shares and settling obligations for the Sponsor Fee and the in-kind liabilities paid in connection to the Sponsor Fee in Dogecoin.

The Sponsor Fee payable is settled in Dogecoin.

The liability is remeasured at each reporting date by reference to the fair value of the Dogecoin required to settle it, with the effect of remeasurement recognized in net change in unrealized appreciation (depreciation) on the Sponsor Fee payable.

On settlement, the difference between the carrying amount of the liability and the cost basis of the Dogecoin delivered is recognized in net realized gain (loss) on in-kind liabilities paid.

Calculation of NAV and NAV per Share

7 unchanged sentences

If the Trust sells Dogecoin (for example, to pay fees or expenses), such a sale is a taxable event to shareholders of the Trust (“Shareholders”).

Upon a Shareholder’s sale of its Shares, the Shareholder will be treated as having sold the pro rata share of the Dogecoin held in the Trust at the time of the sale and recognizes gain or loss on such sale.

The Sponsor has reviewed the tax positions as of March 31, 2026 and September 30, 2025, and has determined that no provision for income tax is required in the Trust’s financial statements.

Upon a Shareholder’s sale of its Shares, the Shareholder will be treated as having sold the pro rata share of the Dogecoin held in the Trust at the time of the sale and recognizes a gain or loss on such sale.

The Sponsor has reviewed the tax positions as of June 30, 2026 and September 30, 2025, and has determined that no provision for income tax is required in the Trust’s financial statements.

Segment Reporting

6 unchanged sentences

Fair Value of Dogecoin

The following represents the changes in quantity of Dogecoin and the fair value for the three months ended and six months ended March 31, 2026 (Unaudited)*:

The following represents the changes in quantity of Dogecoin and the fair value during the nine months ended June 30, 2026 (Unaudited)*:

dogecoin Fair Value

Beginning balance as of January 1, 2026 – $ –

Beginning balance as of October 1, 2025 – $ –

Dogecoin purchased 38,320,502.6228 4,246,310

1 unchanged sentence

Net realized loss on investment in Dogecoin sold to pay Sponsor Fee – ( 1,287 )

Change in unrealized depreciation on investment in Dogecoin – ( 634,598 )

Ending balance as of March 31, 2026 20,163,410.8951 $ 1,855,639

Net change in unrealized depreciation on investment in Dogecoin – ( 1,477,880 )

Ending balance as of June 30, 2026 38,262,002.6228 $ 2,761,751

The following represents the changes in quantity of Dogecoin and the fair value during the three months ended June 30, 2026 (Unaudited)*:

dogecoin Fair Value

Beginning balance as of October 1, 2025 – $ –

Beginning balance as of April 1, 2026 20,163,410.8951 $ 1,855,639

Dogecoin purchased 18,141,591.7277 1,754,159

1 unchanged sentence

Net realized loss on investment in Dogecoin sold to pay Sponsor Fee – ( 780 )

Change in unrealized depreciation on investment in Dogecoin – ( 634,598 )

Ending balance as of March 31, 2026 20,163,410.8951 $ 1,855,639

Net change in unrealized depreciation on investment in Dogecoin – ( 843,282 )

Ending balance as of June 30, 2026 38,262,002.6228 $ 2,761,751

* No comparative table has been provided as the Trust commenced investment operations on January 21, 2026.

5 unchanged sentences

The Sponsor has agreed to pay all operating expenses (except for litigation expenses and other extraordinary expenses) out of the Sponsor Fee.

The Trust incurred Sponsor Fee for the six-month period ended March 31, 2026 of $ 1,735 , which began to accrue on January 21, 2026 when the Trust commenced investment operations.

The accrued liability as of March 31, 2026 was $ 181 .

The Trust incurred Sponsor Fee for the three months and nine months ended June 30, 2026 of $ 4,207 and $ 5,942 , respectively, which began to accrue on January 21, 2026 when the Trust commenced investment operations.

The accrued liability as of June 30, 2026, and September 30, 2025 was $ 215 and $ 0 , respectively.

As partial consideration for receipt of the Sponsor Fee, the Sponsor shall assume and pay all fees and other expenses incurred by the Trust in the ordinary course of its affairs, excluding taxes, but including (i) fees and other payments to the Service Provider, (ii) the fee payable to the marketing agent for services it provides to the Trust (the “Marketing Fee”), (iii) fees to the Administrator, if any, (iv) fees to the Custodians, (v) fees to the Transfer Agent, (vi) fees to the Trustee, (vii) the fees and expenses related to any future listing, trading or quotation of the Shares on any listing exchange or quotation system (including legal, marketing and audit fees and expenses), (viii) ordinary course legal fees and expenses but not litigation-related expenses, (ix) audit fees, (x) regulatory fees, including, if applicable, any fees relating to the registration of the Shares under the Securities Act or the Securities Exchange Act of 1934, as amended (the “Exchange Act”), (xi) printing and mailing costs, (xii) costs of maintaining the Sponsor’s website and (xiii) applicable license fees (each, a “Sponsor-paid Expense,” and together, the “Sponsor-paid Expenses”), provided that any expense that qualifies as an Additional Trust Expense will be deemed to be an Additional Trust Expense and not a Sponsor-paid Expense.

9 unchanged sentences

Creation and Redemption of Shares

The Trust creates and redeems Shares on a continuous basis but only in one or more Creation Baskets (other than in the case of the Initial Seed Shares) consisting of 10,000 Shares or multiples thereof at the NAV on the date of the creation or redemption.

The Trust creates and redeems Shares on a continuous basis but only in one or more creation baskets (“Creation Baskets”) (other than in the case of the Initial Seed Shares) consisting of 10,000 Shares or multiples thereof at the NAV on the date of the creation or redemption.

Only Authorized Participants, which are registered broker-dealers who have entered into written agreements with the Sponsor and the Administrator, can place orders.

7 unchanged sentences

When such an Authorized Participant redeems Shares in-kind, the Trust, through a Dogecoin Custodian, will deliver Dogecoin to the Authorized Participant or its designee in exchange for Shares.

2026 * Six Months

2026 * Nine Months

(Unaudited) (Unaudited)

3 unchanged sentences

Net Change in Capital Shares 90,000 189,998

* No prior comparative period presented as this is the first fiscal year of the Trust’s investment operations.

2026 * Six Months

* No prior comparative period is presented as this is the first fiscal year of the Trust’s investment operations.

2026 * Nine Months

(Unaudited) (Unaudited)

17 unchanged sentences

On October 15, 2025, the Sponsor redeemed the two Shares for $ 100 .

On January 21, 2026, 21Shares US LLC, in its capacity as Seed Capital Investor, purchased the Initial Seed Creation Baskets comprising 60,000 Shares at a price of $ 25.66 per Share.

As of March 31, 2026, the Sponsor owned 60,000 Shares of the Trust.

On January 21, 2026, 21Shares US LLC, in its capacity as Seed Capital Investor, purchased the Seed Creation Baskets comprising 60,000 Shares at a price of $ 25.66 per Share.

As of June 30, 2026, the Sponsor owned 60,000 Shares of 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 United States and the listing of Shares on the Exchange.

Financial Highlights*

Per Share Performance (for a Share outstanding throughout each period presented) Six Months

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

2026* Nine Months

(Unaudited) (Unaudited)

Net asset value per Share, beginning of period $ 18.55 $ 25.66 (1)

Net investment income (loss) on investment in Dogecoin (2) ( 0.02 )

Net realized and change in unrealized gain(loss) on investment in Dogecoin (3) ( 7.09 )

Net change in net assets from operations ( 7.11 )

Net investment income (loss) (2) ( 0.02 ) ( 0.04 )

Net realized and change in unrealized gain(loss) (3) ( 4.00 ) ( 11.09 )

Net decrease in net assets from operations ( 4.02 ) ( 11.13 )

Net asset value per Share, end of period $ 14.53 $ 14.53

1 unchanged sentence

Ratio to average net assets (5)

Net investment income (loss) ( 0.50 )% (6)

Net investment loss ( 0.50 )% ( 0.50 )% (6)

Gross expenses 0.50 % 0.50 % (6)

27 unchanged sentences

Subsequent Events

The Trust has evaluated all subsequent events through the issuance of the financial statements and has noted no events requiring adjustment or additional disclosure in the financial statements.

The Trust has evaluated all subsequent events and transactions for potential recognition or disclosure through the issuance of the financial statements and has noted no events requiring adjustment or additional 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