TDOG is a digital asset investment trust that holds Dogecoin and issues exchange-traded shares designed to track the price of Dogecoin. The Trust generates revenue by charging a sponsor fee, which is its only ordinary recurring expense disclosed in the 10-K filed 2026-03-16. Shares are created and redeemed in baskets through Authorized Participants, which must be registered broker-dealers. The Trust held its initial seed on September 17, 2025, at which point its net asset value was $100 as of September 30, 2025. Dogecoin is held by Custodians, including Coinbase Custody, BitGo, and Anchorage, on behalf of the Trust. Trade execution for Dogecoin is routed through a Prime Broker to Connected Trading Venues including Bitstamp, LMAX, and Kraken. The Sponsor also manages other digital asset investment vehicles and holds direct investments in Dogecoin, creating disclosed conflicts of interest.

Revenue model

The Trust charges a sponsor fee as its sole ordinary recurring expense and revenue mechanism, paid from Trust assets (Dogecoin holdings). No other revenue streams are disclosed in the 10-K filed 2026-03-16.

Products and services

Exchange-traded shares representing fractional interests in Dogecoin held by the Trust. Shares are created and redeemed in baskets by Authorized Participants. The Trust's net asset value was $100 as of September 30, 2025 (initial seed date: September 17, 2025).

Customers and end markets

Authorized Participants (registered broker-dealers) create and redeem baskets directly with the Trust. End investors purchase and sell shares on a national securities exchange. No customer concentration data is disclosed in the filing.

Value-chain role

Passive asset-holding trust. The Sponsor manages Trust operations. Custodians (Coinbase Custody, BitGo, Anchorage) hold Dogecoin. A Prime Broker routes trade execution to Connected Trading Venues (Bitstamp, LMAX, Kraken, and unnamed non-bank market makers). Authorized Participants facilitate share creation and redemption.

Geographic exposure

No geographic exposure data disclosed in the 10-K filed 2026-03-16.

Source: SEC 10-K, filed 2026-03-16

Industry: Commodity Contracts Brokers & Dealers