The Trust commenced operations in late 2025 and began trading on NYSE Arca under ticker BWOW. It sold 100,000 shares for aggregate proceeds of $2.5 million through March 12, 2026. The Trust reported net losses driven by Dogecoin price depreciation during its initial operating period ending December 31, 2025.

• The Trust commenced operations on November 25, 2025, and its shares began trading on NYSE Arca on November 26, 2025 under ticker BWOW [S1].
• Through March 12, 2026, the Trust sold 100,000 shares for aggregate proceeds of $2,500,000 [S1].
• For the period from November 25, 2025, to December 31, 2025, the Trust reported a net decrease in net assets from operations of approximately $376,581, primarily due to realized and unrealized losses on Dogecoin investments driven by price depreciation [S1].
• The Trust held approximately 9.86 million Dogecoin with a market value of about $1.15 million as of December 31, 2025 [S1].
• The Sponsor Fee for the initial period was approximately $532, with $465 waived, resulting in a net Sponsor Fee of $67 [S1].
• The Trust has no current or pending legal proceedings or regulatory trading suspensions that could materially affect its business or financial condition [S1].

The Trust offers investors a regulated and convenient means to gain exposure to Dogecoin through an exchange-traded product, potentially attracting interest from investors seeking cryptocurrency exposure without direct ownership complexities. The Sponsor's management and assumption of operating expenses may enhance operational efficiency and investor confidence. The Trust's listing on NYSE Arca provides liquidity and accessibility. The use of fair value accounting and transparent disclosures supports investor understanding of the Trust's net asset value and performance.

The Trust's performance and net asset value are directly tied to the price volatility of Dogecoin, which has experienced significant fluctuations and may continue to do so, potentially leading to substantial losses for investors. The Trust's net assets decreased notably in its initial period due to realized and unrealized losses on Dogecoin. Extraordinary expenses not assumed by the Sponsor, such as litigation or regulatory costs, could impact financial results. The Trust's reliance on a single cryptocurrency asset creates concentration risk, and adverse developments in the Dogecoin network or regulatory environment could materially affect the Trust's value and operations.

The Trust's moat is primarily derived from its status as a regulated exchange-traded product providing direct exposure to Dogecoin, a widely recognized cryptocurrency. Its structure as a Delaware statutory trust with a reputable Sponsor and service providers, along with its listing on a major exchange (NYSE Arca), offers investors a regulated and accessible vehicle for Dogecoin exposure. The Sponsor's assumption of ordinary operating expenses and established policies for governance and compliance contribute to operational stability. However, the Trust's value is highly concentrated in Dogecoin, exposing it to the volatility and risks inherent in the cryptocurrency market, which limits the moat's defensibility against market fluctuations.

• Cryptocurrency Price Volatility: The Trust's net asset value and performance are highly sensitive to fluctuations in Dogecoin's market price, which has historically been volatile and may experience rapid declines.
• Concentration Risk: The Trust holds Dogecoin as its sole asset, exposing it to risks specific to this cryptocurrency, including technological, regulatory, and market risks.
• Extraordinary Expenses: The Trust may incur extraordinary, non-recurring expenses such as litigation, regulatory enforcement, or network-related fees that are not covered by the Sponsor and could impact financial results.
• Liquidity and Redemption Risks: The Trust relies on authorized participants for creation and redemption of shares in large baskets, which may affect liquidity and pricing under certain market conditions.
• Regulatory and Legal Risks: Changes in regulatory frameworks or legal challenges related to cryptocurrencies or exchange-traded products could adversely affect the Trust's operations and investor protections.

• Bitwise Dogecoin ETF is an investment trust organized under Delaware law, launched in November 2025, with the ticker BWOW listed on NYSE Arca starting November 26, 2025.
• The Trust's primary investment objective is to provide exposure to the value of Dogecoin held by the Trust, less expenses.
• The Trust's sole asset is Dogecoin, held at fair value.
• The Sponsor is Bitwise Investment Advisers, LLC, a wholly-owned subsidiary of Bitwise Asset Management, Inc., responsible for the Trust's operations, marketing, and regulatory compliance.
• The Trust pays a unitary Sponsor Fee of 0.34% per annum of Dogecoin holdings, with the Sponsor waiving fees on the first $500 million of assets through December 25, 2025.
• The Sponsor assumes and pays normal operating expenses including trustee fees, custodian fees, exchange listing fees, audit fees, and ordinary legal fees up to $500,000 per annum.
• The Trust does not hold significant cash balances except for creation/redemption activities and paying expenses not assumed by the Sponsor.
• The Trust's net assets as of December 31, 2025, were approximately $1.15 million, holding about 9.86 million Dogecoin with a market value based on principal market prices.
• The Trust experienced a net decrease in net assets from operations of approximately $376,581 for the period from November 25, 2025, to December 31, 2025, primarily due to realized and unrealized losses on Dogecoin investments driven by price depreciation.
• The net realized loss on Dogecoin sold for redemptions was approximately $28,346, and the net unrealized depreciation was approximately $348,168 for the same period.
• The Trust's Principal Market NAV per share decreased by 23.16% during the initial period, from $25.00 to $19.21 per share.
• The Trust has no current, past, or pending legal proceedings or regulatory trading suspensions that could materially affect its business or financial condition.
• The Trust is classified as an investment company for U.S. GAAP purposes and uses fair value accounting for Dogecoin.
• The Trust's financial statements are audited by KPMG LLP, with an unqualified opinion as of December 31, 2025.
• The Trust does not engage in borrowing and does not expect material changes in liquidity needs.
• The Trust may incur extraordinary expenses not assumed by the Sponsor, including legal fees related to litigation or regulatory matters.
• The Trust's Sponsor has adopted policies to prevent conflicts of interest and insider trading related to Dogecoin transactions.
• The Trust's shares are created and redeemed in baskets of 10,000 shares by authorized participants who are registered broker-dealers or exempt from registration.
• The Trust's Sponsor office is located at 250 Montgomery Street, Suite 200, San Francisco, CA, with a lease expiring in March 2027.