BWOWNYSECommodity Contracts Brokers & DealersUS GAAP · USD

Bitwise Dogecoin ETF

Bitwise Dogecoin ETF is a U.S.-listed exchange-traded trust that holds Dogecoin and issues shares designed to track the value of that digital asset. The trust is sponsored by Bitwise Investment Advisers and trades on NYSE Arca under the ticker BWOW.

Net income-0.4m USD

Fiscal year 2025 · change from previous year

Development 2025–2025

01m USD2025
RevenueOperating profit (EBIT)

Business

Share of revenue
Exchange-traded Dogecoin exposure100 %

Shares of the trust designed to track the value of Dogecoin held by the trust.

Customers

The trust is bought by investors who want Dogecoin exposure through a standard brokerage account rather than directly holding the token. Its shares are also used by market participants that create and redeem baskets through authorized participants and liquidity providers. The product is aimed at investors seeking a regulated, exchange-traded wrapper around a single digital asset.

Retail brokerage investors

Buy BWOW shares for Dogecoin exposure without managing wallets or private keys.

Institutional allocators

Use the ETF wrapper for tactical or strategic exposure to Dogecoin in managed portfolios.

Authorized participants and liquidity providers

Create and redeem shares and support market liquidity around the ETF.

Strategy

The trust’s core strategy is to provide simple, exchange-traded Dogecoin exposure through a traditional brokerage account. It relies on a custody-and-valuation structure built around Coinbase Custody and a third-party pricing benchmark to support daily NAV calculation and share creation/redemption. The structure is intended to reduce the operational burden of direct crypto ownership while keeping the product closely linked to Dogecoin’s market price.

Maintain tight tracking to Dogecoin spot valueShort term

The product proposition depends on shares reflecting the underlying token as closely as possible.

Preserve secure custody and operational integrityShort term

The trust depends on third-party custody and orderly creation/redemption mechanics to function.

Keep the product simple and non-derivativeMedium term

A direct-hold structure avoids derivative counterparty complexity and keeps exposure transparent.

Geography

The trust is organized and listed in the United States, with shares traded on NYSE Arca. Its Dogecoin pricing and valuation are tied to U.S.-based reference pricing and U.S.-accessible digital asset markets, while custody is provided by a New York-chartered digital asset custodian. The business is therefore U.S.-centric even though the underlying Dogecoin market is global.

Risks

The trust is exposed to Dogecoin price volatility because its asset base is concentrated in a single digital asset. It also depends on third-party service providers, including the custodian, benchmark provider, and authorized participants, so operational or market-structure disruptions could affect share creation, redemption, or valuation. As with other crypto products, regulatory, custody, and market-liquidity risks are central to the business model.

Sorted by severity
Dogecoin market volatilityHigh

The trust holds Dogecoin directly, so changes in token price flow straight into NAV and share value.

Exposure: Single-asset exposure

Custody and operational dependenceHigh

Coinbase Custody safeguards the assets and the trust relies on creation/redemption intermediaries.

Exposure: Third-party service providers

Regulatory and product-structure riskHigh

Crypto ETFs and trusts operate in a changing regulatory environment that can affect access and operations.

Exposure: U.S. digital asset regulation

Digital asset market structure and liquidityMedium

Pricing depends on exchange activity, principal-market selection, and benchmark methodology.

Exposure: Crypto exchanges and benchmark pricing

Accounting

Judgemental items
Fair value measurement of Dogecoin

The trust marks Dogecoin to market, so price changes directly affect earnings and net assets.

Impact: NAV and period results

Principal market and benchmark pricing

Management uses Coinbase principal-market pricing and CF Benchmarks reference pricing for valuation.

Impact: May create small differences between NAV measures

Sponsor fee accrual

The 0.34% annual fee is accrued against Dogecoin holdings and reduces net assets.

Impact: Expense recognition and asset balance

Creation and redemption accounting

Dogecoin received or delivered for share creation/redemption affects holdings and realized gains/losses.

Impact: Asset composition and realized results

Publicly listed companies with a comparable business focus.

Last updated: 11/08/2026