Grayscale Dogecoin Trust ETF (GDOG) is a digital asset investment trust that holds Dogecoin (DOGE) on behalf of shareholders. The Trust generates revenue by charging a management fee to shareholders, with the Sponsor being Grayscale Investments Sponsors, LLC, headquartered at 290 Harbor Drive, 4th Floor, Stamford, Connecticut. The Trust commenced operations on January 30, 2025, and is not actively managed. It does not buy or sell DOGE based on market outlook; it passively holds DOGE and values its holdings by reference to the CoinDesk Dogecoin Benchmark Rate. From January 30, 2025 to December 31, 2025, the Index Price ranged from $0.12 to $0.33, with a straight average of $0.20. Authorized Participants, including Jane Street Capital, LLC, Virtu Americas LLC, Macquarie Capital (USA) Inc., and ABN AMRO Clearing USA LLC, facilitate share creation and redemption. KPMG LLP serves as the Trust's independent auditor.

Revenue model

The Trust charges a management fee to shareholders, borne through the periodic sale of DOGE held by the Trust. The Sponsor, Grayscale Investments Sponsors, LLC, receives this fee. No transactional, subscription, or ad-supported revenue streams are disclosed in the filing.

Products and services

A single exchange-traded product providing shareholders with exposure to Dogecoin (DOGE) price movements, valued using the CoinDesk Dogecoin Benchmark Rate (formerly the CoinDesk DOGE CCIXber Reference Rate, adopted as the Index as of February 6, 2025).

Customers and end markets

Shareholders seeking passive exposure to Dogecoin (DOGE) price performance through an exchange-traded trust structure. The filing does not disclose specific customer counts or concentration data.

Value-chain role

Passive custodial vehicle. The Trust holds DOGE, issues shares representing fractional ownership of that DOGE, and relies on Authorized Participants (Jane Street Capital, LLC; Virtu Americas LLC; Macquarie Capital (USA) Inc.; ABN AMRO Clearing USA LLC) for basket creation and redemption. The Trust does not mine, develop, or actively trade DOGE.

Geographic exposure

The filing does not disclose specific geographic revenue breakdown. The Trust is organized in the United States and the Sponsor is based in Stamford, Connecticut. DOGE price data is sourced from global digital asset trading platforms including Bitfinex, Bitstamp by Robinhood, Bullish, Bybit, Crypto.com, Gemini, Kraken, LMAX Digital, and OKX (as of December 31, 2025).

Source: SEC 10-K, filed 2026-03-12

Industry: Commodity Contracts Brokers & Dealers