Key Takeaways
- • Bitwise Dogecoin ETF recorded a net loss of $376,581 ($(5.79) per share) for the period ended December 31, 2025, driven entirely by realized and unrealized losses on Dogecoin holdings with zero investment income recognized.
- • The fund launched November 25, 2025 and began public trading November 26, 2025, establishing approximately $1.15 million in net assets by year-end through initial seed creations and subsequent share transactions.
- • Dogecoin price decline from $0.15216 to $0.11655 during the period resulted in roughly 23% NAV per share deterioration, with net realized losses of approximately $28,346 on Dogecoin sold for redemptions.
- • Bitwise's fee structure includes a 0.34% annual sponsor fee with waiver on the first $500 million through December 25, 2025, and the sponsor covers most operating costs, positioning the trust favorably on fee competitiveness during its launch phase.
- • The fund holds Dogecoin as its primary asset with minimal cash balances and sells Dogecoin as needed to cover expenses, with no planned borrowing and straightforward operational structure for a cryptocurrency trust.
Summary
Bitwise Asset Management's newly launched Dogecoin ETF reported its first fiscal period results as of December 31, 2025, disclosing a net loss of $376,581, or $(5.79) per share, according to its 10-K annual report filed March 20, 2026. The fund commenced operations on November 25, 2025, and began public trading the following day, making this loss period representative of approximately five weeks of market exposure during a declining price environment for Dogecoin.
The negative results were driven entirely by depreciation in the underlying Dogecoin holdings. The fund recognized zero investment income for the period and instead recorded realized and unrealized losses as Dogecoin's market price declined from $0.15216 to $0.11655, representing an approximate 23% decline in principal market NAV per share. Net realized losses on Dogecoin sold for shareholder redemptions totaled approximately $28,346, while unrealized depreciation on remaining holdings accounted for the majority of the loss. This performance dynamic is typical for newly launched cryptocurrency trusts during volatile market conditions and reflects the fund's direct correlation to underlying asset price movements rather than operational inefficiency.
The fund's capital base grew modestly to approximately $1.15 million by year-end through initial seed basket creations and subsequent share transactions, establishing the fund's foundational asset scale. Operationally, the trust maintains a straightforward structure, holding Dogecoin as its primary asset with minimal cash balances and selling Dogecoin as needed to cover non-assumed expenses. Bitwise imposed no borrowing provisions, underscoring a conservative operational approach. The sponsor fee structure of 0.34% per annum, combined with a fee waiver on the first $500 million through December 25, 2025, and sponsor assumption of most operating costs, positions the fund competitively during its critical launch phase. This fee arrangement is materially favorable for early shareholders and supports asset growth objectives.
The filing represents the Bitwise Dogecoin ETF's first regulatory disclosure period following regulatory approval and public market listing, providing institutional investors with baseline operational and financial metrics for the cryptocurrency trust vehicle.
The negative results were driven entirely by depreciation in the underlying Dogecoin holdings. The fund recognized zero investment income for the period and instead recorded realized and unrealized losses as Dogecoin's market price declined from $0.15216 to $0.11655, representing an approximate 23% decline in principal market NAV per share. Net realized losses on Dogecoin sold for shareholder redemptions totaled approximately $28,346, while unrealized depreciation on remaining holdings accounted for the majority of the loss. This performance dynamic is typical for newly launched cryptocurrency trusts during volatile market conditions and reflects the fund's direct correlation to underlying asset price movements rather than operational inefficiency.
The fund's capital base grew modestly to approximately $1.15 million by year-end through initial seed basket creations and subsequent share transactions, establishing the fund's foundational asset scale. Operationally, the trust maintains a straightforward structure, holding Dogecoin as its primary asset with minimal cash balances and selling Dogecoin as needed to cover non-assumed expenses. Bitwise imposed no borrowing provisions, underscoring a conservative operational approach. The sponsor fee structure of 0.34% per annum, combined with a fee waiver on the first $500 million through December 25, 2025, and sponsor assumption of most operating costs, positions the fund competitively during its critical launch phase. This fee arrangement is materially favorable for early shareholders and supports asset growth objectives.
The filing represents the Bitwise Dogecoin ETF's first regulatory disclosure period following regulatory approval and public market listing, providing institutional investors with baseline operational and financial metrics for the cryptocurrency trust vehicle.
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