Bitwise Dogecoin ETF (NYSE Arca: BWOW) is a digital asset trust that holds Dogecoin directly on behalf of shareholders. The Trust generates revenue through a Sponsor Fee charged against Trust assets, with Bitwise Investment Advisers, LLC serving as Sponsor. The Trust commenced operations on November 25, 2025, and competes with other exchange-traded Dogecoin products seeking SEC approval or already in market. Net asset value is calculated daily using the CF Dogecoin-Dollar US Settlement Price, a benchmark published by CF Benchmarks Ltd. and calculated at 4:00 p.m. EST based on trade flow from constituent platforms including Bitstamp, Coinbase, Crypto.com, Gemini, and Kraken (as of February 26, 2026). The Sponsor, a wholly-owned subsidiary of Bitwise Asset Management (BAM), had 93 employees as of December 31, 2025. Hunter Horsley serves as President and Treasurer of the Sponsor and CEO of BAM, a role he has held since BAM's inception.

Revenue model

The Trust charges a Sponsor Fee deducted from Trust assets. The fee is the sole source of revenue for the Sponsor in connection with operating the Trust.

Products and services

A single exchange-traded product holding physical Dogecoin. Shares are created and redeemed through Authorized Participants. NAV and NAV per Share are calculated daily using the CF Dogecoin-Dollar US Settlement Price (Pricing Benchmark), introduced October 8, 2021.

Customers and end markets

Shareholders who gain exposure to Dogecoin price performance through exchange-listed shares. Authorized Participants facilitate creation and redemption orders.

Value-chain role

The Sponsor (Bitwise Investment Advisers, LLC) manages day-to-day Trust administration, purchases and sells Dogecoin on behalf of the Trust, processes creation and redemption orders, and selects service providers including a Dogecoin Custodian and Prime Execution Agent.

Geographic exposure

The filing does not specify a geographic revenue breakdown. The Pricing Benchmark constituent platforms include U.S.-based and international exchanges.

Competitors

Other exchange-traded Dogecoin products with pending or approved SEC applications

Source: SEC 10-K, filed 2026-03-20

Industry: Commodity Contracts Brokers & Dealers