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

Financial Highlights for the Three Months Ended MarchJune 31,30, 2026 and 2025, the Six Months Ended June 30, 2026 and the Period from January 30, 2025 (the Commencement of the Trust’s Operations) to MarchJune 31,30, 2025 (All amounts in the following table and the subsequent paragraphs, except Share, DOGE and price of DOGE amounts, are in thousands)

Net realized and unrealized loss on investment in DOGE for the three months ended MarchJune 31,30, 2026 was ($2,419$2,416), which includes a realized loss of ($1$4) on the transfer of DOGE to pay the Sponsor’s Fee and net change in unrealized appreciation/depreciation on investment in DOGE of ($2,418$2,412). Net realized and unrealized loss on investment in DOGE for the period was driven by DOGE price depreciation from $0.12 per DOGE as of December 31, 2025, to $0.09 per DOGE as of March 31, 2026, to $0.07 per DOGE as of June 30, 2026. Net decrease in net assets resulting from operations was ($2,421$2,423) for the three months ended MarchJune 31,30, 2026, which consisted of the net realized and unrealized loss on investment in DOGE, plus the net investment loss of $2.$7. Net assets increased to $6,759$7,585 at MarchJune 31,30, 2026, a 73%12% increase for the three-month period. The increase in net assets resulted from the contribution of approximately 39,977,99031,722,610 DOGE with a value of $5,265$3,249 to the Trust in connection with Share creations during the period, partially offset by the aforementioned DOGE price depreciation and the withdrawal of approximately 23,55077,148 DOGE to pay the foregoing Sponsor’s Fee.

Net realized and unrealized lossgain on investment in DOGE for the periodthree frommonths Januaryended June 30, 2025 (the commencement of the Trust’s operations) to March 31, 2025 was ($903),$22, which includes a realized loss of ($2$4) on the transfer of DOGE to pay the Sponsor’s Fee and net change in unrealized appreciation/depreciation on investment in DOGE of ($901).$26. Net realized and unrealized lossgain on investment in DOGE for the period was driven by DOGE price depreciationappreciation from $0.33 per DOGE as of January 30, 2025 (the commencement of the Trust’s operations), to $0.17 per DOGE as of March 31, 2025, to $0.17 per DOGE as of June 30, 2025. Net decreaseincrease in net assets resulting from operations was ($911)$10 for the periodthree frommonths Januaryended June 30, 2025 (the commencement of the Trust’s operations) to March 31, 2025, which consisted of the net realized and unrealized lossgain on investment in DOGE, plusless the Sponsor’snet Feeinvestment loss of $8.$12. Net assets increased to $1,851$1,885 at MarchJune 31,30, 2025.2025, a 2% increase for the three-month period. The increase in net assets resulted from the aforementioned DOGE price appreciation and the contribution of approximately 11,204,738149,027 DOGE with a value of $2,762$24 to the Trust in connection with Share creations during the period, partially offset by the aforementioned DOGE price depreciation and the withdrawal of approximately 36,73069,965 DOGE to pay the foregoing Sponsor’s Fee.

The Trust’s NAV and NAV per Share are derived from the Index Price, as represented by the Index as of 4:00 p.m., New York time, on the valuation date. The Trust’s NAV per Share is calculated using a non-GAAP methodology where the price is derived from multiple Digital Asset Trading Platforms. The Digital Asset Trading Platforms included in the Index (the “Constituent Trading Platforms”) as of MarchJune 31,30, 2026 were Binance, Bitstamp by Robinhood, Bullish, Bybit, Crypto.com, GATE,Gate, Gemini, Hashkey,HashKey, Kraken, LMAX Digital, and OKX. The Digital Asset Trading Platforms included in the Index as of MarchJune 31,30, 2025 were Bitfinex, Bitstamp by Robinhood, Bullish, Bybit, Crypto.com, Gemini, Kraken, LMAX Digital, and OKX. See “Item 1. Business—Overview of the Dogecoin Industry and Market—DOGE Value—The Index and the Index Price” in our Annual Report for a description of the Index and the Index Price.

The following chart illustrates the movement in the Trust’s NAV per Share (as adjusted for the Reverse Share Split for periods prior to October 20, 2025) versus the Index Price and the Trust’s Principal Market NAV per Share (as adjusted for the Reverse Share Split for periods prior to October 20, 2025) from January 30, 2025 (the commencement of the Trust’s operations) to MarchJune 31,30, 2026. For more information on the determination of the Trust’s NAV, see “Item 1. Business—Overview of the Dogecoin Industry and Market—DOGE Value—The Index and the Index Price” in our Annual Report.

The following table illustrates the movements in the Index Price from January 30, 2025 (the commencement of the Trust’s operations) to MarchJune 31,30, 2026. The Sponsor has not observed a material difference between the Index Price and average prices from the Constituent Trading Platforms as of MarchJune 31,30, 2026, individually or as a group.

The following table illustrates the movements in the Digital Asset Market price of DOGE, as reported on the Trust’s principal market, from January 30, 2025 (the commencement of the Trust’s operations) to MarchJune 31,30, 2026.

Effective as of November 24, 2025, the Trust established an ongoing share creation and redemption program and the Shares of the Trust were listed to NYSE Arca. The following chart sets out the historical closing prices for the Shares as reported by NYSE Arca and the Trust’s NAV per Share from November 24, 2025 to MarchJune 31,30, 2026.

The following chart sets out the historical premium and discount for the Shares calculated as a percentage of the historical closing prices for the Shares as reported by NYSE Arca divided by the Trust’s NAV per Share from November 24, 2025 to MarchJune 31,30, 2026.