BWOW 10-K & 10-Q changes, risk factors and insider trading

Prior to the commencement of operations on November 25, 2025, on November 3, 2025, BAM purchased 8 Shares at a per-shareper 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-Shareper share price of $25.00. BIM acted as a statutory underwriter in connection with the initial purchase of the Seed Baskets.

1. Net assets in the above table are calculated in accordance with U.S. GAAP based on the principal market price for Dogecoin that the Trust considered its principal market, as of 4:00 p.m.,p.m. New York time,EST on the valuation date.

During the three months ended MarchJune 31,30, 2026, the Trust's net assets decreased from $1,152,815 on December 31, 2025 to $604,292 on March 31, 2026 to $473,547 on June 30, 2026. The decrease in the Trust's net assets resulted primarily from dispositions of approximately (5,2805,628) Dogecoin to pay the Sponsor Fee, and approximately (3,285,152) Dogecoin for the redemption of Shares, with a value of $(407,544857) from the Trust. For the period, there were no additions of Dogecoin for the creation of Shares.

Net realized and change in unrealized loss on investment in Dogecoin for the three months ended MarchJune 31,30, 2026 was $(140,868130,214), which included a realized loss of $(231300) on the transfer of Dogecoin to pay the Sponsor Fee, a realized loss of $(93,255) on the sale of Dogecoin to meet redemptions, and a change in unrealized depreciation on investment in Dogecoin of $(47,382129,914). Net realized and change in unrealized loss on investment in Dogecoin for the period resulted primarily from Dogecoin price depreciation from $0.116546 on December 31, 2025 to $0.092042 on March 31, 2026 to $0.072199 on June 30, 2026. Net decrease in net assets resulting from operations for the three months ended MarchJune 31,30, 2026 was $(141,552130,745), which consisted of the net realized and unrealized loss on investment in Dogecoin, less the Sponsor Fee of $(684531).

As of MarchJune 31,30, 2026, the Trust held a net closing balance of 6,567,469.64876,561,841.7808 Dogecoin with a total market value of $604,482$473,760 based on the DOGEUSD_NY price of $0.092042,$0.072199, used to determine the Trust's NAV. The total market value of the Trust's Dogecoin held was $604,470$473,699 based on the price of Dogecoin (Lukka Prime Rate) in the principal market (Coinbase) of $0.092040,$0.072190, used to determine the Trust's Principal Market NAV.

As of MarchJune 31,30, 2026, the Trust has not used, nor does it expect to use in the future, special purpose entities to facilitate off-balance sheet financing arrangements and has no loan guarantee arrangements or off-balance sheet arrangements of any kind other than agreements entered into in the normal course of business, which may include indemnification provisions related to certain risks service providers undertake in performing services which are in the best interests of the Trust. While the Trust’s exposure under such indemnification provisions cannot be estimated, these general business indemnifications are not expected to have a material impact on the Trust’s financial position.

Second, Lukka, Inc. sorts these Digital Asset Markets from high to low by market-based volume and level of activity of Dogecoin traded on each Digital Asset Market. For the periodsix months ended MarchJune 31,30, 2026, this sort was performed for Digital Asset Markets for the period mid-Februarymid-May through mid-Marchmid-June 2026.

As of MarchJune 31,30, 2026, Lukka, Inc. included Binance, Bitfinex, Bitflyer, Bitstamp, Bullish, Bybit, Coinbase, Crypto.com, Gate.io, Gemini, HitBTC, Huobi, itBit, Kraken, KuCoin, LMAX, MEXC Global, OKX and Poloniex as its primary Exchange Markets in consideration.

At MarchJune 31,30, 2026, the principal market and the principal market price for Dogecoin, which is composed of the majority of the Trust’s assets as of MarchJune 31,30, 2026, was Coinbase with a price of $0.09204.$0.072190.

The cost basis of the Dogecoin received by the Trust in connection with a creation order is recorded by the Trust at the fair value of Dogecoin at 4:00 p.m.,p.m. New York time,EST on the creation date for financial reporting purposes. The cost basis recorded by the Trust may differ from proceeds collected by the Authorized Participant from the sale of the corresponding Shares to investors.