Bitwise Dogecoin ETF

Overview

Ticker: BWOW
Structure: Delaware statutory trust; Exchange Traded Product (ETP) listed on NYSE Arca.
Primary objective: Provide exposure to the value of Dogecoin held by the Trust, net of expenses.
Sponsor: Bitwise Investment Advisers, LLC, a subsidiary of Bitwise Asset Management, Inc. The Sponsor pays most operating expenses under a unitary Sponsor Fee arrangement and oversees service providers and administration.
Principal asset: Dogecoin (the Trust’s sole asset).

Holds Dogecoin as its only asset and issues Shares representing undivided ownership in that Dogecoin.
Aims to track Dogecoin’s price, after expenses, by valuing Dogecoin at a principal market price (NAV per share calculated after accrued expenses).
Creates and redeems Shares in blocks of 10,000 (Baskets) through Authorized Participants; supports both in-kind and cash creations/redemptions.
Uses a specified pricing benchmark (CF Dogecoin–Dollar US Settlement Price) via Lukka and other sources to determine fair value; the principal market for NAV calculations was Coinbase as of December 31, 2025.

Shares outstanding: 60,000 (as of December 31, 2025).
Seed capital: Bitwise Asset Management, Inc. initially seeded 100,000 Shares via Seed Baskets for $2,500,000 (price $25.00 per Share). Seed Shares were purchased November 3, 2025 and redeemed/rolled into the initial issuance on November 25, 2025.
Creation/redemption activity (Nov 25, 2025 – Dec 31, 2025):
- Creations: 2,501,750 Shares
- Redemptions: (972,554) Shares
- Net increase from capital share transactions: 1,529,196 Shares
Net assets at December 31, 2025: $1,152,815

Investment income: $0
Expenses:
- Sponsor Fee: $532
- Waivers and reimbursements: ($465)
- Net Sponsor Fee: $67
Net investment loss: ($67)
Net realized and unrealized gain (loss) on Dogecoin:
- Net realized loss on Dogecoin sold for redemptions: ($28,346)
- Net change in unrealized appreciation/depreciation on Dogecoin: ($348,168)
- Net realized and unrealized loss: ($376,514)
Net decrease in net assets resulting from operations: ($376,581)

The Trust reported no investment income for the period. The Sponsor Fee is shown as an expense paid to the Sponsor; the Sponsor Fee rate is 0.34% per year of Dogecoin holdings.
Net loss from operations for the period: ($376,581), driven by price depreciation in Dogecoin and related realized/unrealized losses.

Cash flow from operating activities: ($1,529,396) (net decrease)
Cash flow from financing activities (capital share transactions): $1,529,196 (net increase)
Net cash change: ($200)
Cash at end of period: $0

Sponsor employees: 93 (as of December 31, 2025).
The Trust has no employees or directors; governance and day-to-day management are performed by the Sponsor and its affiliates.
Sponsor officers performing functions for the Trust include Paul Fusaro (Chief Operating Officer, Corporate Secretary) and James Bebrin III (Principal Financial Officer and Principal Accounting Officer).
The Sponsor’s board includes Corey Mulloy (Director), Hunter Horsley (CEO & Director), and Hong Kim (Director/CTO).

The Trust applies ASC 820 fair value measurements and classifies Dogecoin at fair value on the principal market (Level 1 price input expected).
Valuation sources include a third-party price vendor (Lukka) and the principal market (Coinbase) for NAV calculations.
The Trust is classified as a grantor trust for U.S. federal income tax purposes; income passes through to shareholders.

Net assets: $1,152,815
DOGE held: 9,857,901.6165 DOGE
Cost basis of DOGE: $1,501,050
Fair value of DOGE (principal market price): $1,152,882 (DOGEUSD_NY price $0.11695)
NAV per share (Principal Market NAV): $19.21
1-period total return (based on Principal Market NAV): (23.16%)
Expense ratio (gross): 0.34% (Sponsor waived up to $500 million of assets through December 25, 2025)