Business Description

—Description of the Trust Agreement .” The principal office of the Sponsor is located at 250 Montgomery Street, Suite 200, San Francisco, CA 94104. The lease expires on March 1, 2027. Ite m 3. Legal Proceedings. There are no current, past, pending or, to the Sponsor’s knowledge, threatened legal proceedings or administrative actions either by or against the Trust or the Sponsor that could have a material effect on the Trust’s or the Sponsor’s business, financial condition, or operations or any current, past or pending trading suspensions by a securities regulator. Ite m 4. Mine Safety Disclosures. Not applicable. 79 Par t II. Ite m 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. Market Information Trust Commencement of Trading Ticker Symbol Name of each exchange on which registered Bitwise Dogecoin ETF November 26, 2025 BWOW NYSE Arca Holders As of December 31, 2025, there was one holder of record of the Trust. This includes Cede & Co. as nominee for DTC for the Shares traded on the Exchange, but not its direct participants. Therefore, this number does not include the individual holders who have bought Shares on the Exchange or transferred their eligible Shares to their brokerage accounts. Because all of the Trust’s Shares are currently held by brokers and other institutions on behalf of Shareholders, the Trust is unable to estimate the total number of Shareholders represented by the record holder. Dividends The Trust made no distributions to Shareholders during the period ended December 31, 2025. The Trust has no obligation to make periodic distributions to Shareholders. Use of Proceeds from Registered Securities On November 25, 2025, the Trust’s Registration Statement on Form S-1 (File No.333-284553) was declared effective pursuant to which the Trust registered an unlimited number of Shares. The Trust’s Shares began trading on the Exchange on November 26, 2025 and since that date, through March 12, 2026 (excluding any redemptions), the Trust sold 100,000 Shares for aggregate proceeds of $2,500,000. The Trust seeks to use substantially all of the proceeds of the offering of Shares to make investments in Dogecoin in a manner consistent with the Trust’s investment objective. Recent Sales of Unregistered Shares 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. Purchases of Equity Securities by the Issuers and Affiliated Purchaser The Trust does not purchase Shares directly from its Shareholders. In connection with its redemption of Baskets held by Authorized Participants, the Trust redeemed 4 Baskets (comprising 40,000 Shares) during the fourth quarter of the year ended December 31, 2025. The following table summarizes the redemptions by Authorized Participants during the period: Period Total Shares Redeemed Average Price Per Share October 1, 2025 – October 31, 2025 — $ — November 1, 2025 – November 30, 2025 8 $ 25 December 1, 2025 – December 31, 2025 40,000 $ 24.32 Item 6. [Reserved]. 80 Ite m 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis of the Trust’s financial condition and results of operations should be read together with, and is qualified in its entirety by reference to, the Trust’s audited financial statements and related notes included elsewhere in this Annual Report, which have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”). The following discussion may contain forward-looking statements based on assumptions the Trust believes to be reasonable. The Trust’s actual results could differ materially from those discussed in these forward-looking statements. See “Statement Regarding Forward-Looking Statements” above. You should not place undue reliance on any forward-looking statements.…